Among the companies positioned to benefit from revised licensing rules in Venezuela are are U.S.-based Chevron, Spain's Repsol, Italy's Eni, France's Maurel & Prom and Britain's BP. File Photo by Chico Sanchez/EPA
June 11 (UPI) -- The U.S. Treasury Department, through its Office of Foreign Assets Control, announced revisions to seven key general licenses that govern oil, natural gas, petrochemical and mining operations in Venezuela.
The measures, published Wednesday, form part of a regulatory framework designed to allow certain economic activities in Venezuela under conditions defined by Washington.
The changes do not lift U.S. sanctions or fully normalize economic relations with Caracas. Instead, they establish updated mechanisms for specific activities, identify who may participate, and set the legal and financial conditions under which operations may proceed, according to Venezuelan news outlet Efecto Cocuyo.
One of the most significant changes concerns dispute resolution and the legal jurisdiction governing commercial contracts.
