WASHINGTON (Pakistan Point News / Sputnik - 15th March, 2019) The United States will give the US-based subsidiaries of PDVSA more time to either wrap up their business with the Venezuelan oil company or face possible sanctions, the Treasury Department said in a statement on Thursday.
The Treasury said it issued a new general license extending by a year and a half the deadline by which Citgo and its parent company PDV Holding must wrap up petroleum transactions.
"General License 7A provides an 18-month authorization that renews automatically on a monthly basis, which will enable CITGO to maintain operations in markets that are based on long-term planning and contractual commitments," the statement said.
"PDVH, CITGO Holding, Inc., and any of their subsidiaries are authorized to engage in all transactions and activities prohibited by Executive Order 13850 that are ordinarily incident and necessary to the purchase and importation of petroleum and petroleum products from PdVSA and any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest," the license said. "This authorization is valid through 12:01 a.m. eastern daylight time, April 28, 2019."
