July 26, 2019: OFAC amends Venezuela General License 8B

OFFICE OF FOREIGN ASSETS CONTROL

Executive Order 13850 of November 1, 2018

Blocking Property of Additional Persons Contributing to the Situation in Venezuela

GENERAL LICENSE NO. SB

Authorizing Transactions Involving Petr6leos de Venezuela, S.A. (PdVSA) Necessary for Maintenance of Operations for Certain Entities in Venezuela

(a) Except as provided in paragraph (b) of this general license, all transactions and activities ordinarily incident and necessary to the maintenance of operations, contracts, or other agreements in Venezuela involving PdVSA or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest prohibited by Executive Order (E.O.) 13850, as amended by E.O. 13857 of January 25, 2019, and that were in effect prior to July 26, 2019, are authorized through 12:01 a.m. eastern daylight time, October 25, 2019 for the following entities and their subsidiaries:

• Chevron Corporation

• Halliburton

• Schlumberger Limited

• Baker Hughes, a GE Company

• Weatherford International, Public Limited Company

(b) This general license does not authorize:

(1) Any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela; or

(2) Any transaction that is otherwise prohibited by E.O. 13850, E.O. 13835 of May 21, 2018, E.O. 13827 of March 19, 2018, E.O. 13808 of August 24, 2017, E.O. 13692 of March 8, 2015, or any part of 31 C.F.R. chapter V, or any transactions or dealings with any blocked person other than the blocked persons described in paragraph (a) of this general license.

(c) Effective July 26, 2019, General License No. 8A, dated June 6, 2019, is replaced and superseded in its entirety by this General License 8B.

So, basically, the expiration date went from Saturday (July 27) to October 25…

Link:

Venezuela General License 8B

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