OFAC Issues Amended Venezuela General License

The Treasury’s Office of Foreign Assets Control issued an amended general license on July 26 that authorizes certain transactions with Petroleos de Venezuela, S.A., Venezuela's state-run oil company. General License 8B, replacing General License 8A, authorizes certain transactions made before July 26 that are necessary to maintain agreements with Venezuela. The license authorizes the transactions for Chevron Corp., Halliburton, Schlumberger Ltd., Baker Hughes and Weatherford International, the license says. The transactions are authorized until Oct. 25.