economy
License 46: What to do, what not to do. Analysis by William Castillo
Amid agreements reached by Venezuela and the United States in recent weeks, the Treasury Department on Thursday authorized a general license allowing oil companies to conduct transactions with PDVSA.
TL;DR
- License 46 allows US companies to conduct transactions with PDVSA and engage in oil operations.
- Operations include extraction, export, sale, transport, storage, and refining of Venezuelan oil.
- Maritime logistics, including chartering ships and port services, are authorized.
- Specific payments like crude oil swaps for diluents are permitted.
- Transactions involving individuals or entities from Russia, Iran, North Korea, or Cuba are prohibited.
- Transactions with entities owned or controlled by persons from the People's Republic of China are restricted.
- The license does not authorize the use of gold, debt swaps, or Venezuelan cryptocurrencies.
- All contracts must be governed by US laws and disputes settled in US courts.
- Cash payments are directed to 'Foreign Government Deposit Funds' under US supervision.
- Venezuela and its partners must provide detailed reports to the US State Department and Department of Energy.