Venezuela open to business in oil sector even after U.S. license expiration

Venezuela is willing to continue doing business with foreign firms, including joint venture partners of state-run oil company PDVSA, even after the expiration of a broad U.S. license that had allowed it to freely export its crude, the country's oil minister said on Wednesday.

Minister Pedro Tellechea told reporters the country expects the U.S. Treasury Department to reply to oil companies' requests for individual licenses for starting or continuing energy deals in Venezuela, and that a 45-day period set by Washington to wind down transactions will allow Venezuela to complete deals for expansions of oil areas and other projects.

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