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U.S. Greenlights Liquified Petroleum Gas Exports To Venezuela

The U.S. Department of the Treasury extended on Thursday the authorization of export and re-export of liquefied petroleum gas to Venezuela until July 2023.  

Liquefied petroleum gas (LPG) is mostly used in Venezuela as a cooking fuel and the first general license for U.S. exports of LPG to the country, which is otherwise under American sanctions, came in July last year.

Back then, the Treasury Department authorized through July 8, 2022, some exports and re-exports of LPG to Venezuela. Such transactions were not allowed during the Trump Administration. 

A day before the general license for export and re-export expired, the Office of Foreign Assets Control (OFAC) issued another general license which will be valid until July 12, 2023. Effective today, the new general license replaces and supersedes the previous license from July 12, 2021, the Treasury Department said.

All transactions and activities related to the exportation or re-exportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the Government of Venezuela, Petróleos de Venezuela (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, are allowed. Other transactions with those entities are prohibited by executive orders issued as part of the sanctions on Venezuela’s oil industry.

Related: U.S. Slaps New Oil Sanctions On Iran Amid Stalled Nuclear Negotiations

OFAC explicitly noted that the general license for LPG issued today does not authorize any payment-in-kind of petroleum or petroleum products; or any transactions or activities otherwise prohibited by the Venezuela-Related Sanctions.

The Biden Administration has sought to ease some of the restriction on Venezuela’s oil amid a global crunch in fuels and high gasoline prices in America, which hit $5 a gallon a month ago, but have fallen in recent weeks, to $4.75 a gallon on Thursday

Last month, the Biden Administration was said to have relaxed restrictions for two European companies doing business with Venezuela, allowing them to export certain, albeit modest, volumes of Venezuelan crude to Europe.

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By Tsvetana Paraskova for Oilprice.com

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