The U.S. Office of Foreign Assets Control (OFAC) announced an update to its regulatory framework through the issuance of three new operational licenses for Venezuela. These measures provide specific authorizations covering the country’s oil, petrochemical, commercial, and investment sectors.
Among the adopted measures highlights General License 46E, which permits certain activities related to Venezuelan-origin oil and petrochemical products. Similarly, General License 48D authorizes the supply and provision of various specialized goods and services to the nation.
According to what was published in the U.S. Department of the Treasury’s official website, the new regulations include General License 49B. This regulation formally enables negotiations and the signing of contingent contracts for the development of strategic investment projects.
The current regulations expand the maneuver scope for the development of commercial partnerships and attracting capital to the country. With the entry into force of these permits is updated the regulatory framework governing industrial and energy exchanges between the parties.