Paris. The United States granted a license to the French oil company Maurel & Prom (M&P), which allows it to continue operating in Venezuela despite the sanctions imposed by Washington, the French group announced this Monday.
The license, which was granted on May 3, “allows US entities and banks to collaborate with M&P within the framework of its activities in Venezuela and, therefore, M&P will be able to continue operating” in the country, according to a statement.
The authorization expires on May 31, 2026, but the group, whose shares soared more than 6% on the Paris Stock Exchange shortly after 0700 GMT on Monday, “expects it to be renewed.”
Maurel & Prom requested this “specific license” from the US Treasury Department’s Office of Foreign Assets Control (OFAC) in September.
After a six-month truce, Washington decided at the beginning of the year to reimpose sanctions on Venezuela because it considered that the Government was not respecting democratic rules ahead of the presidential elections on July 28, in which President Nicolás Maduro aspires to a third term.
The United States imposed an oil embargo on the South American country in 2019 after failing to recognize Maduro’s election a year earlier.
The measure was part of a battery of sanctions that caused strong tensions between Caracas and Washington and contributed to aggravating the economic crisis of the Caribbean country.
Since then, the White House has made exceptions, granting some exploitation licenses, such as the one granted to the American giant Chevron.
Obtaining this license is “excellent news” for Maurel & Prom, which “provides clear visibility for the future,” declared the group’s CEO, Olivier de Langavant.
The French oil company owns a 40% stake in Petroregional del Lago (PRDL), which exploits the Urdaneta Oeste field.
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– 2024-05-10 12:52:08
