GL 49B
GL 49B — Contingent Contracts for New Energy Investment
Version history
- Sep 28, 2026La GL 49B reemplaza en su totalidad a la GL 49A (13-mar-2026). Único cambio de fondo: el anexo que enumera los químicos comprendidos en «productos petroquímicos» incorpora el metanol (códigos 2905111000, 2905112010, 2905112015, 2905112085 y 9817290200). Hasta entonces solo listaba fertilizantes y sus insumos. El texto operativo no varía. OFAC no publicó FAQ ni declaró motivo.
Issued
Sep 28, 2026
Expiration
No expiration
Authorized entity
PdVSA y entidades ≥50% de PdVSA
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
—
Signatory
Bradley T. Smith, Director, OFAC
Signed
Sep 28, 2026
Scope
Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. As of September 28, 2026, the petrochemical annex lists methanol. Supersedes GL 49A.
Authorized parties
Authorized activities
- ·Negociación y firma de contratos contingentes: contratos y facturas pro forma ejecutables, acuerdos en principio, ofertas en licitaciones públicas y memorandos de entendimiento vinculantes
- ·Nueva exploración, desarrollo o producción de petróleo, gas o petroquímicos (el Anexo nombra fertilizantes, sus insumos y, desde el 28-sep-2026, metanol); nueva generación, transmisión, almacenamiento o distribución de electricidad
- ·Ampliación de operaciones existentes y formación de nuevas empresas mixtas u otras entidades para esas actividades
- ·Debida diligencia comercial, legal, técnica, de seguridad y ambiental
Prohibited activities
- ·Ejecutar el contrato sin una autorización separada de OFAC
- ·Operaciones con personas de Rusia, Irán, Corea del Norte, Cuba o China, o con entidades que ellas controlen o con las que tengan empresa mixta
- ·Desbloqueo de bienes bloqueados; operaciones con buques bloqueados
Conditions
- ·La ejecución de cualquier contrato debe quedar expresamente condicionada a una autorización separada de OFAC («contratos contingentes»).
- ·«Contratos contingentes» incluye contratos ejecutables, facturas pro forma ejecutables, acuerdos en principio, ofertas susceptibles de aceptación —como pujas o propuestas en licitaciones públicas—, memorandos de entendimiento vinculantes o cualquier acuerdo similar.
Excluded jurisdictions
VENE · ECONOMIST Analysis
- Fact
- El 28 de septiembre de 2026 OFAC emitió la GL 49B, que reemplaza a la GL 49A del 13 de marzo; ni la ola del 10 de junio ni la del 27 de agosto la habían tocado. El único cambio es el anexo de «productos petroquímicos», que suma el metanol con cinco códigos arancelarios. La licencia sigue autorizando negociar y firmar contratos cuya ejecución quede condicionada a una autorización separada de OFAC, y sigue excluyendo a Rusia, Irán, Corea del Norte, Cuba y China.
- Implication
- Es la licencia de la etapa previa a invertir: permite llegar a un acuerdo vinculante, incluso para constituir una empresa mixta, pero no ejecutarlo. Con el metanol en el anexo, un proyecto nuevo o la ampliación de una planta de metanol figura expresamente entre lo que se puede negociar. La decisión que importa sigue fuera de la licencia: cada contrato necesita su propia autorización para ejecutarse.
- Indicator to monitor
- El primer cargamento de metanol venezolano declarado con destino a EE.UU. y quién lo importa; en el carril de servicios, el primer contrato de mantenimiento o reparación de una planta de metanol bajo la GL 48D; y en el de inversión, el primer acuerdo contingente sobre metanol bajo la GL 49B. En paralelo: si OFAC suma al anexo otros petroquímicos que no son fertilizantes, o si una FAQ explica el cambio —esta acción no trajo ninguna—.
Official license textShow
General License No. 49B — Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR, including those involving the Government of Venezuela, PdVSA, or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are related to the negotiation of and entry into contingent contracts for new investment in oil, gas, petrochemical products, or electricity sector operations in Venezuela are authorized, provided that the performance of any such contract is made expressly contingent upon separate authorization from OFAC ("contingent contracts").
Note 1. "Contingent contracts" includes executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement.
Note 2. Paragraph (a) authorizes negotiating and entering into contingent contracts to engage in new oil, gas, or petrochemical products exploration, development, or production, or new electricity generation, transmission, storage, or distribution; to expand existing operations; and to form new joint ventures or other entities related to the foregoing, including prefatory steps such as commercial, legal, technical, safety, and environmental due diligence.
Note 3. "Petrochemical products" includes fertilizer products and fertilizer precursor chemicals, including the chemicals listed in the Annex.
(b) Does not authorize: (1) any transaction involving a person located in Russia, Iran, the DPRK, Cuba, or the PRC, or any entity owned or controlled by or in a joint venture with such persons; (2) the unblocking of property blocked pursuant to the VSR; or (3) any transaction involving a blocked vessel.
(c) Effective September 28, 2026, General License No. 49A, dated March 13, 2026, is replaced and superseded in its entirety by this General License No. 49B.
Note: Nothing in this general license relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce's Bureau of Industry and Security.
Annex. Chemicals within the scope of "petrochemical products": sulfur, phosphate rock, sulfuric and phosphoric acid, ammonia, nitrates, phosphates, urea, nitrogenous, phosphatic and potassic fertilizers and their mixtures, and —as of this version— methanol (HS codes 2905111000, 2905112010, 2905112015, 2905112085 and 9817290200). Full list with codes in the official PDF.
Bradley T. Smith — Director, OFAC. Dated: September 28, 2026.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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