GL-49B
ActiveAuthorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
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Summary
General License No. 49B authorizes all transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are related to the negotiation of and entry into contingent contracts for new investment in oil, gas, petrochemical products, or electricity sector operations in Venezuela, including transactions involving the Government of Venezuela, PdVSA, or PdVSA-majority-owned entities. The authorization covers a broad range of contract forms and prefatory activities such as due diligence, as well as forming joint ventures and expanding existing operations. Actual performance of any such contract remains contingent upon separate OFAC authorization.
Conditions
Performance of any authorized contingent contract must be made expressly contingent upon separate OFAC authorization. The license does not authorize: (1) any transaction involving a person located in Russia, Iran, North Korea, Cuba, China, or entities owned/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. Compliance with other federal agencies, including the Department of Commerce's Bureau of Industry and Security, is still required.