GL-49
SupersededAuthorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
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Summary
General License No. 49 authorizes all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (VSR), including those involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are related to the negotiation of and entry into contingent contracts for new investment in oil or gas sector operations in Venezuela, provided that the performance of any such contract is made expressly contingent upon separate authorization from OFAC. This covers negotiating and entering into contingent contracts to engage in new oil or gas exploration, development, or production activities in Venezuela, to expand existing operations in Venezuela, and to form new joint ventures or other entities in Venezuela for those activities, including prefatory steps such as commercial, legal, technical, safety, and environmental due diligence and assessments.
Conditions
Contingent contracts include executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement. The license does not authorize: (1) any transaction involving a person located in the Russian Federation, Iran, North Korea, Cuba, or the People's Republic of China, or any entity owned or controlled by or in a joint venture with such persons; (2) the unblocking of any property blocked pursuant to the VSR; or (3) any transaction involving a blocked vessel. Nothing in it relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce's Bureau of Industry and Security.