In its statement, the ministry said the administration of U.S. President Donald Trump is taking steps to revitalize Venezuela’s economy in a way that benefits both the United States and the Venezuelan people.
According to the statement, the licenses updated by the Office of Foreign Assets Control (OFAC), which operates under the U.S. Department of the Treasury, expand the permissions granted for investments and activities in Venezuela’s energy sector. The new regulation also aims to support the sustainability of supply in global commodity markets.
Under the updated authorizations, in addition to purchasing oil from Venezuela, U.S. companies are now allowed to buy petrochemical products, including fertilizers, and import them into the United States. The regulation also permits the provision of goods, services, and technology for activities supporting Venezuela’s electricity generation and petrochemical sectors.
The measure also allows companies to negotiate conditional contracts for potential investments in Venezuela’s electricity and petrochemical sectors, as well as in the oil and gas industry.
However, it was emphasized that such agreements will require separate approval from OFAC before they can enter into force.
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