GL-48B
SupersededAuthorizing the Supply of Certain Items and Services to Venezuela
Machine-extracted. The summary, conditions, and reporting fields on this page were extracted by AI from the official document. Rely on the official OFAC General License, not this page.
Summary
This license authorizes U.S. persons to provide goods, technology, software, or services for the exploration, development, or production of oil, gas, or petrochemical products in Venezuela, as well as for the generation, transmission, storage, or distribution of electricity in Venezuela. It covers transactions involving the Government of Venezuela, PdVSA, and PdVSA Entities that are ordinarily incident and necessary to those activities. Ancillary activities such as payment processing, shipping, logistics, chartering vessels, marine insurance, and port and terminal services are also authorized. The term 'petrochemical products' is defined to include fertilizer products and fertilizer precursor chemicals listed in the Annex.
Conditions
Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must be governed by U.S. law and provide for dispute resolution in the US, UK, France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds per Executive Order 14373 or another account instructed by Treasury. The license does not authorize: non-commercially-reasonable payment terms, debt swaps, gold payments, or digital-currency payments (including the petro); transactions involving persons located in or organized under the laws of Russia, Iran, North Korea, Cuba, or China, or entities owned/controlled by or in a joint venture with such persons; unblocking of blocked property; transactions involving blocked vessels; formation of new joint ventures or entities in Venezuela for oil, gas, petrochemicals, or electricity; or exportation/reexportation of diluents to Venezuela.
Reporting requirement
Any person that exports, reexports, sells, resells, or supplies goods, technology, software, or services under this license must submit a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying: (1) the parties involved; (2) the goods, technology, software, or services involved, including quantities and values; (3) the dates the transactions occurred; and (4) any taxes, fees, or other payments provided to the Government of Venezuela. Reports are due ten days after the execution of the first such transaction and every 90 days thereafter while transactions are ongoing.