Colombia seeks a US sanctions exemption to invest in Venezuelan energy projects
ABC News
Colombia says it is seeking a license from the U.S. Treasury Department to invest in several electricity and natural gas ventures in Venezuela
BOGOTA, Colombia -- Colombia said Tuesday it is seeking an exemption from U.S. sanctions to invest in Venezuelan electricity projects and natural gas ventures that could include the reopening of a gas pipeline between the neighboring South American countries.
Colombia's Mines and Energy Minister Edwin Palma said in a statement that his country is seeking a license to invest in Venezuela from the U.S. Treasury’s Office of Foreign Assets Control, or OFAC, and that the Colombian state-run oil company Ecopetrol is conferring with U.S. officials about the regulatory requirements to launch several ventures with the Venezuelan government.
The United States has been easing sanctions against Venezuela’s oil industry following a U.S. military raid that captured then-President Nicolás Maduro. The shift has enabled several U.S. companies to buy and sell Venezuelan oil.
Colombian President Gustavo Petro has long been a critic of U.S. sanctions against Venezuela, which he blamed for the nation’s protracted economic crisis.
Colombia’s interest in Venezuela’s natural gas was revived in 2022, when Petro was elected into office and restored diplomatic relations with Venezuela. But U.S. sanctions against companies that invest in Venezuela had prevented Colombia’s national oil company from developing projects there.
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