The share price of Tipco Asphalt Public Company Limited (SET: TASCO) rose 6% after the opening bell on Friday in response to the letter from US authority granting reoperations of businesses in Venezuela.
The company reported earlier this morning in pursuant to the General License No. 44 dated 18 October 2023 issued by the OFAC under the Department of the Treasury of the United States of America, the license has authorized transactions related to oil or gas sector operations in Venezuela including production, lifting, sale, exportation and payment of invoice for goods and services.
The letter came two years after the US State Department in September 2020 requested businesses in Venezuela to wind down, including TASCO’s crude oil procurement in the country, in which TASCO complied with the request that impacted half of TASCO’s asphalt supply.
The share price of TASCO rose THB1.00 or 6.02% to THB17.60 per share this morning.
TASCO rose as much as THB28.75 in August 2020 and plunged to THB14.30 per share in October 2020 following the winddown of its business in Venezuela.
