![OFAC on Possible Evasion of Russian Oil Price Cap [PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2021/06/BCS-Blog-What-is-the-OFAC.jpg)
(OFAC, 17.Apr.2023) — The Office of Foreign Assets Control (OFAC) is issuing this alert to warn US persons about possible evasion of the price cap on crude oil of Russian Federation origin (Russian oil), particularly involving oil exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports on the […]
Tag: OFAC
Rowley Says OFAC Approves Trinidad’s Development of the Dragon Field
(Office of the Prime Minister of Trinidad and Tobago, 24.Jan.2023) — As you all are aware, the United States is our major trading partner and approximately 200,000 of our citizens live in the USA. Against this solid background of friendship and cooperation the Government of Trinidad and Tobago has constantly […]
Could A Controversial Chevron Deal Be A Prelude To Venezuela’s Oil Renaissance?
(Forbes, 2.Dec.2022) — A video that state-owned oil giant Petróleos de Venezuela posted to its Twitter feed this week shows a jovial meeting between Oil Minister Tarek El Aissami and Javier La Rosa, Chevron’s CVX country head. The clip shows La Rosa arriving at what looks to be Aissami’s offices, the two laughing, […]
Enhancing the US-UK Sanctions Partnership
(US Treasury, 17.Oct.2022) — As Directors of two of the world’s leading financial sanctions implementation authorities, we are committed to our close working relationship. As a testament to this ongoing commitment, on Thursday, 13 October 2022, OFAC and OFSI concluded a multi-day technical exchange in London between our two offices. […]
Chevron Applies for Venezuela License Renewal
(Reuters, 1.Sep.2022) — Chevron Corp has asked the U.S. government to expand its license to operate in Venezuela after the oil major agreed with state-run PDVSA to revamp joint ventures in the sanctioned country, six people close to the matter said. Chevron’s authorization request is the California-based company’s latest attempt to have […]
NRGBriefs: OFAC on LPG Exports to Venezuela; Nothing Yet on Atlantic LNG
(Energy Analytics Institute, 7.Jul.2022) — Energy briefs including the US Office of Foreign Assets Control (OFAC) authorizing certain transactions involving the exportation or reexportation of liquefied petroleum gas (LPG) to Venezuela; and the government of Trinidad and Tobago yet to announce details of partnership restructuring related to Atlantic LNG. LATIN […]
NRGBriefs: OFAC Takes Former PDVSA VP off SDN List; Bristow to Ring Opening Bell
(Energy Analytics Institute, 17.Jun.2022) — Energy briefs including the US Department of Treasury announcing the removal of former PDVSA Vice President Carlos Erik Malpica Flores from OFAC’s SDN list. LATIN AMERICA AND THE CARIBBEAN Venezuela — The US Department of the Treasury announced removal of Malpica Flores, Carlos Erik, Naguanagua, […]
NRGBriefs: Colombian Presidential Elections; OFAC Extends Chevron License
(Energy Analytics Institute, 27.May.2022) — Energy and political briefs including Colombians going to the polls to elect their next president; OFAC extending Chevron Corporation‘s license to remain in Venezuela; and failures impacting the Venezuela’s National Electric System that would require ~$10bn to fix. LATIN AMERICA AND THE CARIBBEAN Colombia — […]
NRGBriefs: Chevron Comments on Venezuelan License; SQM Results
(Energy Analytics Institute, 19.May.2022) — Energy briefs including Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) holding a conference call to discuss its 1Q;22 financial results; Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) reporting results from 10 new drill holes targeting the Tajitos – Copala resource area, at […]
NRGBriefs: BHP Barbados farm-out; YPF on Form 20-F; Chevron Venezuela
HOUSTON, TEXAS (Energy Analytics Institute, 21.Apr.2022, Words: 959) — Energy briefs including Vista Oil & Gas, S.A.B. de C.V. planning to have an extraordinary shareholders’ meeting on 26 April 2022; Argentina’s Energy Secretariat Dario Martínez participating in an official ceremony in Loma Campana to inaugurate the Néstor Kirchner Gas Pipeline […]
US Extends Protection For Citgo
(Reuters, 20.Jul.2021) — The United States on Tuesday extended a measure protecting Venezuelan-owned U.S. refiner Citgo Petroleum Corp PDVSAC.UL from bondholders seeking a stake in the company to collect on unpaid debts from state-owned oil company PDVSA, Citgo’s owner. Holders of PDVSA’s 2020 bond, which is backed by a majority […]
US OKs LPG Exports To Venezuela
(Energy Analytics Institute, 12.Jul.2021) — The US Office of Foreign Assets Control (OFAC) issued general license no. 40 which allows “all transactions and activities related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the government of Venezuela, Petróleos de Venezuela, S.A. (PDVSA), or […]
OFAC Targets Individuals And Entities Helping Maduro
(Energy Analytics Institute, 19.Jan.2021) — US Treasury Department’s Office of Foreign Asset Control, or OFAC, slapped sanctions on three individuals, 16 companies and seven vessels for their alleged ties to networks trying to evade US sanctions imposed on Venezuela’s oil sector. The individuals targeted included Philipp Apikian, Alessandro Bazzoni, Francisco […]
OFAC Sanctions Individuals, Entities And Vessels
(Energy Analytics Institute, 19.Jan.2021) — The US Department of State updated its list of designated nationals; entities and vessels assisting Venezuela’s President Nicolas Maduro cling to power. The list follows. The following individuals have been added to OFAC’s SDN List: APIKIAN, Philipp Paul Vartan; DOB 15 Jan 1969; POB Geneva, […]
US-Venezuela Dispute Delays Oil Storage Transfer
(Argus, 13.Oct.2020) — Italian Eni’s plan to drain a Venezuelan floating oil storage vessel considered a potential environmental risk has been delayed for weeks because of concerns over US sanctions on the Opec country. The Venezuela-flagged Nabarima floating storage and offloading unit (FSO) had been listing in August, with flooding […]
US Updates On Iran And Venezuela Designations
(US Department of Treasury, 24.Sep.2020) — The state department updates on Iran-related and Venezuela-related designations in today’s press release. SPECIALLY DESIGNATED NATIONALS LIST UPDATE The following individuals have been added to OFAC’s SDN List: SADATI, Seyyed Mahmoud (Arabic: سید محمود ساداتی), Shiraz, Iran; DOB 1958; alt. DOB 1959; POB Estahaban, […]
US Treasury Updates Venezuela, Iran Designations
(Energy Analytics Institute, 22.Sep.2020) — The US Department of Treasury released details regarding Venezuela-related designations as well as providing a designation update. Treasury also provided an Iran-related designation update. The following individuals have been added to OFAC’s SDN List: BENAVIDES RONDON, Williams Jose, Venezuela; DOB 04 Apr 1981; POB Guanipa, […]
Reliance To Load Venezuelan Oil In Fuel Swap Deal
(Sputnik, 10.Jul.2020) — India is one of the biggest buyers of Venezuelan oil in spite of US sanctions. Private Indian refiners Reliance Industries and Nayara Energy are the only buyers from India. Soon after the US imposed sanctions, the Indian Ministry of Petroleum and Gas had advised the two firms […]
Reliance To Load Venezuelan Oil Under Fuel Swap Deal
(Reuters, 9.Jul.2020) — India’s Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the U.S. sanctions regime on the Latin American country, according to a Reliance source and a shipping document […]
Treasury Targets Sanctions Evasion Network Supporting Corrupt Venezuelan Actors
(US Department of Treasury, 18.Jun.2020) — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and eight foreign entities, and identified two vessels as blocked property for their activities in or associated with a network attempting to evade United States sanctions on Venezuela’s […]
Shipping Magnate Faces US Sanctions Probe
(Reuters, 12.Jun.2020) — The United States is investigating a Venezuelan shipping magnate for possibly violating U.S. sanctions by bringing fuel to gasoline-short Venezuela, according to two senior Trump administration officials. President Donald Trump’s envoy on Venezuela, Elliott Abrams, said the Treasury Department, which oversees sanctions policy, would determine the course […]
Petrobras To Not Hire Tankers That Visited Venezuela
(Reuters, 12.Jun.2020) — Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin American nation. The United States this year blacklisted oil tankers […]
Wave Of Venezuelan Oil Stalled At Sea
(Argus, 10.Jun.2020) — Vessel tracking data shows a fleet of 44 international tankers on the water holding 40.5mn bl of Venezuelan oil as shipowners face growing risk of US sanctions for transporting cargoes to and from the country. The tankers, which include 13 very large crude carriers (VLCCs), 12 Suezmaxes, […]
US Sanctions Four Firms For Transporting Venezuelan Oil
(Aljazeera, 2.Jun.2020) — The United States Treasury Department on Tuesday said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington’s effort to depose socialist President Nicolas Maduro by cutting off the OPEC nation’s crude exports. Marshall Islands-based Afranav Maritime Ltd, Adamant Maritime Ltd and […]
Mexico Probes Libre Abordo Pact With Venezuela
(Reuters, 2.Jun.2020) — The Mexican government’s financial crime department is investigating Libre Abordo, a Mexico-based firm that received millions of barrels of Venezuelan crude under an oil-for-food pact, in a probe coordinated with U.S. agencies, the department’s chief, Santiago Nieto, told Reuters. The Mexican Financial Intelligence Unit is also separately […]
FBI Probes Firms Over Venezuela Oil Trading
(Reuters, 13.May.2020) — The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for […]
Nynas Exits US Sanctions
(Nynas, 12.May.2020) — The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no […]
Nynas: Removal Of Venezuela-related License
(OFAC, 12.May.2020) — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking and archiving on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and is issuing GL 3H (“Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain […]
Venezuela’s Oil Output Could Fall Again Soon
(Oilprice.com, 23.Apr.2020) — On Tuesday, the Trump administration told the last remaining American oil companies in Venezuela that they had until December to wind down operations in the country. The Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new license that only authorizes “limited maintenance of essential operations” […]
Chevron Barred From Drilling In Venezuela
(Reuters, 22.Apr.2020) — Chevron Corp has been banned from drilling or transporting oil in Venezuela and its assets there are “mothballed” as the Trump administration cracks down on money going to the government of socialist President Nicolas Maduro, a senior U.S. official said on Wednesday. The restriction is expected to […]
Venezuela’s Oil Output Falls To Five-month Low
(Reuters, 30.Mar.2020) — Venezuela’s crude production ended last week at around 670,000 barrels per day (bpd), according to documents seen by Reuters and two people with access to output data, the lowest level in five months amid U.S. sanctions and falling global demand. The Orinoco oil belt, Venezuela’s largest producing […]
Nynas Applies For Company Reorganization
(Nynas, 12.Mar.2019) — Nynas AB (publ) has today filed for company reorganisation at Södertörn’s District Court. Nynas loans have not been extended by the banks. Thus, Nynas cannot pay due debts forcing the company to apply for a reorganisation of the company. “Despite loyal customers and dedicated work by our […]
Latest Rosneft Sanctions Raise Risks For Others
(Reuters, 19.Feb.2020) — Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, […]
OFAC Adds Six Vessels To List
(Piero Stewart, Energy Analytics Institute, 3.Dec.2019) — The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) add six vessels to its SDN list as of 3 Dec. and as follows. — ICARO Crude Oil Tanker Panama flag; Vessel Registration Identification IMO 9038842 (vessel) [Venezuela-EO13884] (Linked To: PDVSA). […]
US Court Denies Citgo Rehearing
(S&P Global Platts, 21.Nov.2019) — A US appeals court Thursday denied Venezuela’s request for it to reconsider its ruling allowing a PDVSA creditor to go after US refiner Citgo, its most valuable foreign asset. The ruling by 13 judges on the US 3rd Circuit Court of Appeals in Philadelphia upholds […]
OFAC Gives Nynas AB Time
(Sputnik, 18.Oct.2019) — The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the Venezuelan oil sector, the US Treasury Department’s Office of Foreign Assets Control said in a notice on its website on Wednesday. “All transactions and activities […]
Trump Imposes New Curbs In Bid To Pressure Maduro
(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro. Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or […]
Petrobras Clarifies Fuel Supply For Iranian Vessels
(Petrobras, 19.Jul.2019) — Petrobras clarifies media reports related to the supply of fuel to two Iranian vessels. Petrobras did not provide fuel to the exporting company because the Iranian vessels it contracted and the Iranian company that owns those vessels are sanctioned by the United States and are listed in […]