The US has taken a decisive step to open Venezuela’s energy sector to Big Oil, weeks after President Donald Trump ordered special forces to seize Nicolás Maduro and said American companies would control its vast crude reserves.
The US Treasury department on Thursday eased legal restrictions that had prevented American oil companies doing business in Venezuela, a crucial step in opening the country’s upstream sector to investors.
The “general licence” issued by Treasury’s Office of Foreign Assets Control will allow American groups to purchase and resell Venezuelan oil and authorises many transactions that had been prohibited by US sanctions, including doing business with state-owned oil company PDVSA.
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