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LatinLawyer magazine has named the financial restructuring of PdVSA's Orinoco oil project as the restructuring "Deal of the Year." The transaction included four joint ventures to finance extra-heavy crude oil projects in Venezuela's Orinoco belt.

The U.S. Treasury's Office of Foreign Assets Control has issued new general licenses that expand opportunities for contingent contracting with Venezuela's government and authorize limited financial services involving key Venezuelan banks.