Feb. 11 (UPI) -- The U.S. Treasury Department approved a new framework for Venezuela's energy sector through three general licenses that allow oil trade, supply of goods and services for the hydrocarbons industry, and operations needed at the country's ports and airports.
The licenses permit routine transactions required to lift, transport, sell, store, refine or market Venezuelan oil, including activities involving the Venezuelan government, state oil company Petroleos de Venezuela SA, known as PDVSA, or firms in which PDVSA holds at least a 50% stake.
The measure keeps sanctions in place against the Venezuelan government and PDVSA, but eases certain activities. U.S. officials said the goal is to facilitate investment, boost crude and gas production, and support economic stability under U.S. oversight.
The move comes amid changes in U.S.-Venezuela relations following recent political developments, including the capture by the United States of former President Nicolas Maduro and the appointment of Delcy Rodriguez as interim president.
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