US Treasury Department clears liquefied petroleum gas exports to Venezuela

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WASHINGTON, July 12 (Reuters)The US Treasury Department authorized Monday until July 8, 2022 certain exports and re-exports of liquefied petroleum gas (LPG) to Venezuela that had been banned by executive orders under the Trump administration.

The Office of Foreign Assets Control, part of the Treasury Department, issued a license authorizing gas shipments in transactions involving the government of Venezuela, state-owned energy company Petroleos de Venezuela (PDVSA) or any entity in which PDVSA has a 50% or more interest. The license does not allow any in-kind payment for petroleum or petroleum products, OFAC said.

Many people in Venezuela burn LPG for cooking, but it is rare due to the collapsing economy. US sanctions against PDVSA have stifled investments in its petrochemical complex, leading some consumers to burn wood for fuel, which can lead to health problems.

(Report by Timothy Gardner edited by Peter Graff)

(([email protected]; +1 202 898-8360 (Twitter @timogard); Reuters messaging: [email protected]))

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