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Foreign Oil Firms in Venezuela Scramble for US Licenses Ahead of Deadline
Foreign oil companies in Venezuela are concerned they won’t get licenses from the US in time to allow them to operate after May 31. Oil firms that want to stay in Venezuela are flooding the US Treasury’s Office of Foreign Assets Control with applications for permits after Washington reimposed sanctions last month, leaving officials struggling to clear the backlog. Each individual project requires a case-specific license, which is complicating the process, according to three people with knowledge of the matter. The delay might put some companies at risk of either breaching US restrictions, or becoming unable to ... (full story)