OFAC Publishes Venezuela-Related GL With Wind-Down Instructions for Chevron
U.S. oil company Chevron will have until 12:01 a.m. ET on April 3 to wind down certain oil activities in Venezuela that had been authorized by an Office of Foreign Assets Control general license, OFAC said March 4. Updated General License 41A, which replaces GL 41, authorizes certain transactions “ordinarily incident and necessary to the wind down of transactions” related to Chevron’s joint ventures in Venezuela involving state-owned energy company Petroleos de Venezuela.
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The agency published the updated license, which was first issued under the Biden administration, days after President Donald Trump announced plans to reverse it (see 2502260056).