financetom
Business
financetom
/
Business
/
US to revoke authorizations to foreign partners of Venezuela's PDVSA, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US to revoke authorizations to foreign partners of Venezuela's PDVSA, sources say
Mar 29, 2025 2:36 PM

HOUSTON (Reuters) - The U.S. government has notified foreign partners of Venezuela's state oil company PDVSA of the imminent cancellation of authorizations that allow them to export Venezuelan oil and byproducts, sources close to the decision by President Donald Trump's administration said on Saturday.

In recent years, former President Joe Biden's administration granted the authorizations to secure Venezuelan oil supplies to refineries from Spain to India as exceptions to the U.S. sanction regime on the South American country.

The companies that had received licenses and comfort letters from Washington include Spain's Repsol, Italy's Eni, France's Maurel & Prom, India's Reliance Industries and U.S. Global Oil Terminals.

Most companies had already suspended imports of Venezuelan oil following Trump's imposition this week of secondary tariffs to buyers of Venezuelan oil and gas, according to sources and vessel tracking data.

Repsol, Eni, Maurel & Prom, Reliance and the U.S. State and Treasury departments did not immediately reply to requests for comment. Global Oil could not be reached for comment.

Last month, Trump said a key license to U.S. producer Chevron ( CVX ) to operate in Venezuela and export crude to the U.S. would be canceled. Days later, the U.S. Treasury Department ordered the company to wind down operations, and last week extended the deadline to May 27.

The withdrawal of the most important U.S. license for Venezuela's energy industry had sent a signal of Washington's change of policy towards Venezuela as Trump's government curbs migration, with special focus on Venezuelans illegally in the U.S.

It was not immediately clear if all PDVSA foreign partners were given the same deadline of May 27 to wind down operations.

U.S. Secretary of State Marco Rubio said this month that foreign companies in Venezuela would receive new guidance.

Venezuelan President Nicolas Maduro, whose 2024 re-election was not recognized by Washington, has criticized the sanctions, saying they amount to an "economic war."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Newmark Group Advises Unibail-Rodamco-Westfield on Sale of Office Property in France
Newmark Group Advises Unibail-Rodamco-Westfield on Sale of Office Property in France
Nov 13, 2024
04:05 PM EST, 11/13/2024 (MT Newswires) -- Newmark Group ( NMRK ) said Wednesday it has advised Unibail-Rodamco-Westfield on the 172.5 million euro ($182.2 million) sale of the office section of Les Ateliers Gaite in Paris's Montparnasse district. The purchasers of the 140,846 square-foot asset are Swiss Life Asset Managers and Norges Bank Investment Management, Newmark ( NMRK ) said....
Brazil's Nubank beats estimates on third-quarter adjusted profit
Brazil's Nubank beats estimates on third-quarter adjusted profit
Nov 13, 2024
SAO PAULO (Reuters) - Brazilian digital lender Nubank's adjusted net profit more than doubled in the third quarter from year earlier on a foreign-exchange neutral basis, it said on Wednesday, beating analysts' estimates with record returns. Nubank, which is backed by Warren Buffett, reported an adjusted net profit for the quarter ended in September of $592 million, above the $559...
EXCLUSIVE: Worksport's Q3 Revenue Soars 581% As New Product Lines Boost Growth, Raises 2025 Outlook
EXCLUSIVE: Worksport's Q3 Revenue Soars 581% As New Product Lines Boost Growth, Raises 2025 Outlook
Nov 13, 2024
On Wednesday, Worksport Ltd ( WKSP ) reported third-quarter 2024 financial results, showcasing revenue growth and strong guidance for 2025. Worksport’s third-quarter revenue grew 581% year-on-year to $3.12 million, topping the analyst consensus estimate of $2.40 million. The revenue grew 63% quarter-over-quarter. The rapid growth reflects the successful scaling of both B2B and B2C channels and the growing demand for...
Market Chatter: OpenAI Preparing to Introduce AI Agent Tool in January
Market Chatter: OpenAI Preparing to Introduce AI Agent Tool in January
Nov 13, 2024
04:14 PM EST, 11/13/2024 (MT Newswires) -- Microsoft ( MSFT ) -backed OpenAI will introduce a new artificial intelligence agent capable of taking on specific actions for computer users in January, Bloomberg reported Wednesday, citing two people familiar with the matter. OpenAI leadership disclosed plans to release the tool, codenamed Operator, during a staff meeting on Wednesday, one of the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved