GL 48A: The license that makes CORPOELEC a legal counterparty and opens Venezuela's power sector to U.S. suppliers
GL 48A is the most underrated license in the package. It does not trade oil — it supplies the goods, technology, software, and services that make production work.
GL 48A is the most underestimated license in the package. It does not trade oil — it supplies the goods, technology, software, and services that make production work. And as of March 13, it includes the electricity sector. CORPOELEC went from a prohibited entity to an authorized counterparty. For power equipment and grid infrastructure suppliers: the window is open.
The original GL 48 of February 2026 authorized goods and services for oil and gas exploration, development, and production. Full stop. GL 48A of March expanded that authorization in two simultaneous directions: petrochemicals and electricity. The inclusion of electricity generation, transmission, storage, and distribution transformed a petroleum license into an infrastructure license. CORPOELEC, the state-owned company that operates Venezuela's electrical system, went from a blocked entity with no access pathway to an expressly authorized counterparty.
Locked content
"GL 48A: The license that makes CORPOELEC a legal counterparty and opens Venezuela's power sector to U.S. suppliers" requires Explorer plan
Unlock this content with the Explorer plan from $29/mes.
- ✓ Full analyses included
- ✓ Sector Briefs and Weekly Briefing
- ✓ Basic Data Hub with key indicators
- ✓ Cancel anytime
Topics
FURTHER READING
04Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Venezuela has decreed the opening of its entire oil chain; the fiscal fine print and control of the money are missing
Venezuela decreed an opening that unlocks the whole chain but leaves the reservoir in the State's hands; what it does not settle is the fiscal fine print or control of the money: crude under Treasury custody and gold in London.
OFAC reopens Conviasa and Venezuela's telecommunications, but keeps CITGO frozen until August
For the second time running, OFAC renews protection of CITGO's collateral for under seven weeks —it used to do so for half a year. It does so on the same June 18 it opens two low-friction lanes: supply to Conviasa (GL 59) and telecommunications and mail (GL 24A). The signal is sequence: Treasury grants everyday reconnection and meters the strategic asset.
GL 52A — Transactions Involving Petróleos de Venezuela, S.A.
Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850, subject to U.S./allied law and forum and Treasury payment routing. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52.