OFAC Authorizes Certain Hydrocarbon Fuel Transactions, Licenses to Libya
The Office of Foreign Assets Control has issued General License No. 5 under Executive Order 13566, which authorizes U.S. persons to engage in transactions with or involving Qatar Petroleum or the Vitol group of companies related to oil, gas, or petroleum products exported from Libya under the auspices of the Transitional National Council of Libya (TNC), provided that neither the Government of Libya nor any other person whose property and interests in property are blocked -- with the exception of Arab Gulf Oil Company (Agoco), as an entity operating in areas controlled by the TNC and under the auspices of the TNC -- receives any benefit from such transactions.
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OFAC has also issued a Statement of Licensing Policy establishing a favorable licensing regime through which U.S. persons can request from OFAC specific authorization to trade in hydrocarbon fuel (i.e., oil, gas, and petroleum products), as well as authorization to support or facilitate the trade in such hydrocarbon fuel, to the extent that such hydrocarbon fuel is exported under the auspices of the TNC. U.S. persons also can request specific licenses to engage in transactions related to the production of oil, gas, and petroleum products in areas controlled by the TNC.
The complete text of General License No. 5 is available here. The complete text of the licensing policy is available here.
(See ITT's Online Archives or 03/10/11, 03/07/11, 03/02/11, and 04/11/11 news, 11031053, 11030747, 11030260, and 11041107, for BP summaries of OFAC's issuance of General License Nos. 1A, 2, 3, and 4 under EO 13566, respectively.)