New OFAC License Extends Authorizations for 2 Oil Projects
The Office of Foreign Assets Control issued a new general license that eliminates the expiration date for certain authorized transactions with the Caspian Pipeline Consortium, an international crude oil transportation project involving Russia, and the Tengizchevroil project, another oil venture involving Chevron and Kazakhstan. New General License 124 authorizes certain transactions with those projects that would normally be prohibited under a January determination that blocks the provision of U.S. petroleum services to parties in Russia (see 2501100027).
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OFAC had previously authorized those transactions, along with transactions related to the Russian Sakhalin-2 oil and gas plant, under General License 121, and that license is scheduled to expire June 28. The new license published this week “extends without time limitation” only the authorizations involving the Caspian Pipeline Consortium and Tengizchevroil, the agency said in an FAQ.