GL-48D
ActiveAuthorizing 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
General License 48D authorizes U.S. persons to provide goods, technology, software, or services ordinarily incident and necessary to the exploration, development, or production of oil, gas, or petrochemical products in Venezuela, or for the generation, transmission, storage, or distribution of electricity in Venezuela. The license covers transactions involving the Government of Venezuela, PdVSA, and PdVSA Entities, subject to specific conditions on dispute resolution and monetary payments. The term 'petrochemical products' is defined broadly to include fertilizer products and fertilizer precursor chemicals listed in the Annex.
Conditions
Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must require dispute resolution proceedings to occur in the United States, the United Kingdom, France, or Singapore. Any monetary payment to a blocked person (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026, or any other account as instructed by U.S. Treasury. The license does not authorize: payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency/coin/tokens issued by the Government of Venezuela (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 a blocked vessel; formation of new joint ventures or entities in Venezuela for oil, gas, petrochemical, or electricity activities; or exportation/reexportation of diluents to Venezuela.
Reporting requirement
Any person that exports, reexports, sells, resells, or supplies goods, technology, software, or services pursuant to this license must provide 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 execution of the first transaction and every 90 days thereafter while such transactions are ongoing.