The amendment allows Trinidad to pay for Venezuelan gas from its Dragon field project in US dollars and other currencies instead of humanitarian aid, as a previous US Treasury licence allowed. — Reuters
TRINIDAD: Trinidad and Tobago obtained an amended licence from the US Treasury on Tuesday that will allow them to pay Venezuela in cash for the natural gas it will import from a project with it, Oil Minister Stuart Young says.
The amendment allows Trinidad to pay for Venezuelan gas from its Dragon field project in US dollars and other currencies instead of humanitarian aid, as a previous US Treasury licence allowed.
The step is a major departure from US policy towards the Nicolas Maduro government, which limited payments by Venezuela’s partners to swaps or humanitarian aid.
Young said the waiver relates to an agreement to export natural gas from the PDVSA-owned Dragon offshore project to Trinidad.
Negotiations were halted in 2019 due to US sanctions, but restarted after the US Treasury issued a waiver in January allowing Trinidad to re-engage in energy talks with Caracas.
Ongoing negotiations are at “the granular level” of pricing. — Bloomberg
