VE-GL-47

Active

Petroleum and Petrochemical Products

Status: Active
Program: VENEZUELA
Authorization: energy_transactions
Effective: 2025-02-04
Expires: No stated expiry

Summary

Authorizes transactions related to Venezuelan petroleum and petrochemical products.

Authorized activities

petroleum
petrochemical
oil
crude
refined products

Conditions

Excludes Iranian, NK, Cuban counterparties. Requires US law contracts.

Reporting requirement

Transactions require: US law governing contracts, commercially reasonable terms, US dispute resolution mechanisms. Counterparty screening must exclude entities from sanctioned jurisdictions. Compliance reporting to OFAC as specified in GL conditions.