CARACAS, Venezuela, CMC –Venezuela has condemned the decision by the United States to grant licenses to countries and companies to resume taking crude oil from Caracas on the condition no funds be paid to Venezuela.
In a broadcast here, President Nicolas Maduro remained critical of Washington’s decision to companies doing business with sanctioned Venezuelan state firms from paying cash to his administration.
“They tell a country it has permission to negotiate with Venezuela but cannot pay in dollars or any form of cash. It must pay with food or products,” Maduro said, adding, “that is colonialism.”
On January 24, the Trinidad and Tobago government welcomed the decision by the United States Treasury Department to grant a license to Port of Spain to develop a significant gas field located in Venezuelan territorial waters.
“The United States government has today approved Trinidad and Tobago’s development of the Dragon gas field via an OFAC waiver from sanctions with specific terms to be finalized,” Prime Minister Dr. Keith Rowley said.
This means that the Dragon gas fields’ development restrictions are now relieved. All relevant parties can progress the plans to result in natural gas from Venezuela eventually flowing for the first time from these proven reserves to Trinidad and Tobago and then on to Caribbean, European, and other markets, bringing many humanitarian benefits to the Venezuelan population and greater energy security to the Caribbean region”.
Venezuela has not said publicly if it will negotiate with Trinidad and Tobago, and Rowley acknowledged that while there is “still a lot more work to be done.”
The U.S. license means Trinidad and Tobago will be allowed to resume doing business with the Venezuelan heavily sanctioned state-run oil company PDVSA, even though the Maduro regime in Caracas will not be permitted to receive any cash payments from this project.
President Maduro’s broadcast on Thursday criticized the U.S. Treasury’s Office of Foreign Assets Control (OFAC), which issued the licenses. It said it is trying to dictate how to do business with Venezuelan state and private companies.
“It is a joke to sovereign countries. I call on sovereign countries and governments in America and the Caribbean to denounce this colonial model. We do not accept it. We will go on our way,” he said, elaborating.
PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field on the Venezuelan side of its maritime border with Trinidad. The project was headed for production over a decade ago but stalled over a lack of capital, partners, and sanctions.
Under U.S. sanctions, companies and governments must obtain authorization from the U.S. Treasury Department to do business with PDVSA. President Joe Biden’s administration has granted only a few such licenses since taking office in January 2021.
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