The administration of US President Donald Trump has issued licenses to five Western oil companies to operate in Venezuela, with the aim of supporting the oil sector and restoring the country’s economy, which has been affected by sanctions and oil deflation for years, the Bloomberg news agency reported.
Remittance of earnings
According to the report, the administration required companies to remit payments and financial proceeds through U.S.-controlled accounts.
Despite Venezuela’s rich oil and gas reserves, companies remain cautious as some wait to recover dues from previously nationalized operations.
The administration of President Donald Trump has issued permits to five Western oil companies to operate in Venezuela, with the aim of supporting the oil sector and restoring the country’s economy, which has been affected by sanctions and oil contraction for years, according to a report by the American news agency Bloomberg.
Revenue conversion
According to the report, the administration asked companies to remit payments and financial income through U.S.-controlled accounts.
Despite Venezuela’s rich oil and gas reserves, some companies remain cautious as they wait to recover dues from previously nationalized operations.
