US issues new general licenses for Venezuela's oil, gas sectors

By Gokhan Ergocun

ISTANBUL (AA) - The US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued two new general licenses on Friday to facilitate transactions in Venezuela's energy sector.

The Treasury Department issues General License 49 and General License 50; General License 49 authorized the negotiation of and entry into contingent contracts for certain investments in Venezuela and General License 50 allowed transactions related to oil or gas sector operations in the South American country.

The move followed recent legal reforms in Venezuela and the capture of former President Nicolás Maduro.

The Treasury Department continues to calibrate its sanctions regime about Venezuela.

The new measures go into effect as of on Friday as of 0800GMT, the department added.

The US government maintained its authority to revoke or amend these licenses based on compliance and policy developments.