Venezuela hopes to attract investors to oil industry with US permission

From United States, The Biden administration has received between 20 and 50 individual license applications from companies seeking to do business in Venezuela’s oil industry.

According to information from the news agency ReutersThis comes following Washington agreed to grant individual licenses to oil companies that intend to do business in the country.

Francisco Palmierihead of the United States Mission in Venezuela, said in an interview with Efecto Cocuyo that “there are a number of license requests, I think between 20 and 50. We are reviewing them progressively.”

The official added that “The oil sector is very important to reactivate Venezuela’s economy, but the most important thing of all is the election on July 28”.

Regarding whether there will be positive responses from the White House in this regard, he did not specify whether they will be approved, nor which companies are interested in investing in the Venezuelan oil market.

At the beginning of the month, French oil company Maurel & Prom (M&P) announced that the United States granted it a license to maintain its operations in Venezuela despite the sanctions imposed by Washington once morest the country.

The permission, dated May 3, “allows US entities and banks to collaborate with M&P in the framework of their activities in Venezuela and, therefore, M&P will be able to continue operating” in the country.

This license will expire on May 31, 2026.; however, the company hopes that the link will be renewed.