PRINT
1242. What does Venezuela General License (GL) 50A authorize?
GL 50A authorizes, subject to its conditions and exclusions, transactions prohibited by the Venezuela Sanctions Regulations (VSR) that are related to oil or gas sector operations in Venezuela of the entities listed in the Annex to GL 50A and their subsidiaries. Transactions authorized by Venezuela GL 50A include:
• the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of oil or gas from Venezuela, as well as the refining of such oil or gas;
• the provision or receipt of goods, services, software, or technology related to oil or gas sector operations in Venezuela;
• new investment in oil or gas sector operations in Venezuela, including expanding existing operations in Venezuela, engaging in new oil or gas exploration, production, or development activities in Venezuela, and forming new joint ventures or other entities in...
Click the appropriate link below for access to this file.
Click the appropriate link below for access to this file.
1) FAQ provides important guidance concerning the scope of what is covered by the term “transactions… that are related to oil or gas sector operations in Venezuela”. “Related to” is generally interpreted broadly here, and this FAQ does not constitute an exception.