OVL announced that its proposal to the US for a waiver to operate in Venezuela is in advanced stage and likely to be approved.
Speaking to the media, Rajashri Gupta, MD of OVL, stated the company has sought a 'specific licence' to operate in Venezuela, similar to the one granted to Chevron. Though the Office of Foreign Assets Control (OFAC) of the US has imposed sanctions on Venezuela, Chevron is permitted to operate in the country.
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