The U.S. has granted Trinidad and Tobago permission to negotiate a gas deal with Venezuela without facing sanctions, according to the attorney general. The U.S. Treasury Department granted a license for the transaction, following a request made in May. The gas project is crucial for boosting gas production and seeking new revenue streams.

The license allows for initial negotiations but does not cover the entire project. U.S. Secretary of State Marco Rubio met with Trinidad and Tobago’s prime minister to outline support for the deal. Previously, a license for the project had been granted but later revoked, impacting the country’s energy security. The terms of the new license are different from the previous one.

Government officials and experts view the gas project as vital for Trinidad and Tobago’s economy. The country is seeking to boost gas production and find new revenue sources due to budget constraints. The license allows for negotiations and certain benefits, with the goal of moving towards exploiting gas resources.

Read more at Yahoo Finance: Trinidad and Tobago secures US permission to negotiate gas deal with neighboring Venezuela