US Authorizes Transactions With Venezuela’s PDVSA Bonds Starting December 18 — OFAC
In this Feb. 18, 2015 photo, storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela’s Hugo Chavez oil belt, formally known as the Orinoco Belt
WASHINGTON (Sputnik) — The US Department of the Treasury has authorized transactions with the 2020 8.5% coupon bonds of Venezuela’s state-owned oil company Petroleos de Venezuela (PDVSA) starting December 18, according to a general license published by the Office of Foreign Assets Control (OFAC). «Except as provided in paragraph (b) of this general license, on or after December 18, 2026, all transactions related to, the provision of financing for, and other dealings in the Petroleos de Venezuela, S.A. 2020 8.5 Percent Bond,» the document read. The document took effect on Wednesday and replaced a similar license issued on September 16. It does not authorize any transactions or activities prohibited by sanctions against Venezuela or other regulations. In late August, the United States and Venezuela said that they had reached an agreement providing for an influx of investment and an increase in oil production in the South American country. Acting Venezuelan President Delcy Rodriguez said that the alliance would allow for a significant increase in oil production with the participation of private operators. The agreement includes the development of 17 strategic fields with proven potential of 65 billion barrels of oil, investments worth more than $100 billion and over $200 billion in tax revenues to Venezuela’s budget.
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