WILLEMSTAD – Curaçao currently does not hold an active OFAC license from the United States, according to sources within the state-owned company 2Bays/Refineria di Kòrsou (RdK). The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, issues licenses that allow transactions otherwise restricted under U.S. sanctions laws.
For Curaçao, obtaining an OFAC license has been essential due to the sanctions imposed by Washington against neighboring Venezuela and its state-owned oil company Petróleos de Venezuela, S.A. (PdVSA). These restrictions impact various trade and energy agreements between the two countries.
Awaiting License Amendment for 2025
A General License (GL 44A) previously allowed broader trade but was revoked by OFAC in mid-2023. Following this, 2Bays—then still operating under the RdK name—secured a specific license in November 2023 to facilitate its settlement agreement with PdVSA, signed on December 19, 2023.
As of January 1, 2025, 2Bays has applied for an amendment to its existing specific license. The Curaçaoan state-owned company is currently awaiting a response from OFAC regarding this request.
Government Recognizes Strategic Importance of OFAC License
The importance of the OFAC license for Curaçao was highlighted during a diplomatic meeting in December 2024. Prime Minister Gilmar Pisas (MFK) discussed the matter with Carmen Gonsalves, the newly appointed Dutch ambassador to Venezuela. Their conversation covered key topics such as trade relations with Venezuela, U.S. sanctions, and the need for a renewed OFAC license.
Additionally, the license is crucial for Global Oil, a company aiming to produce and export asphalt from Curaçao. With an OFAC license, Global Oil could legally obtain crude oil and propane gas from Venezuela—both essential for its production. A policy document from the Ministry of Finance published late last year stated that the company uses propane gas for utility generation, which significantly reduces environmental impact. However, sources within 2Bays confirm that Global Oil holds its own licenses for these transactions.
Continued Compliance with U.S. Regulations
In previous years, 2Bays/RdK held an OFAC license that permitted transactions with U.S. entities for trading PdVSA oil products and settling PdVSA’s outstanding debts to RdK. The Curaçaoan entity reports these transactions to Washington on a monthly basis, ensuring compliance with U.S. regulations.
The renewal of this license remains a key factor in maintaining Curaçao’s energy and trade partnerships, particularly as discussions on sanctions relief and economic ties with Venezuela continue.