OFAC issues new license so that PDVSA can carry out operations with certain companies (8N)

Published at: 10/05/2024 03:04 PM

The Office of Foreign Assets Control (OFAC), of the United States Department of the Treasury, issued this Friday, May 10, the “General License 8N”, which authorizes Petrleos de Venezuela Sociedad Anónima (PDVSA) to carry out special operations, contracts or other agreements with entities and their subsidiaries operating in the country.

According to the document issued by OFAC and published on its web portal, the following are authorized until November 15, 2024: Halliburton, Schlumberger Limited, Baker Hughes Holdings LLC, Weatherford International, to carry out operations and activities “necessary for the security or preservation of assets in Venezuela”.

This includes “transactions and activities necessary to ensure the security of personnel or the integrity of operations and assets in Venezuela, participation in shareholder and board meetings, making third-party bill payments for authorized transactions and activities, provided that such activity was authorized at the time it occurred, that is, by April 2020,” he says.

In addition, it authorizes the payment of local taxes and the purchase of public services in Venezuela, payment of salaries for employees and contractors in the South American nation.

The issuance of this new 8N general license displaces 8M, which allowed limited transactions until May 16, 2024, with the above-mentioned entities.

Mazo News Team