US Renews License for Monómeros and Orders its Income to be Deposited in a Treasury-Administered Fund
Aerial view of Monómeros facilities in Barranquilla. Photo: Private archive
TL;DR
- OFAC renewed Monómeros' license for two years, allowing operations and transactions with US companies.
- All revenues, except for local obligations like taxes, must be deposited into a US Treasury-administered fund.
- The license permits transactions with US citizens and companies, including dividend payments.
- It extends to subsidiaries where Monómeros holds a 50% or greater stake.
- Monómeros is a subsidiary of Venezuelan state petrochemical company Pequiven, based in Barranquilla, Colombia.
- The company produces fertilizers and agricultural inputs, with a significant role in Colombia's agricultural sector.
- Monómeros is undergoing a business reorganization supervised by Colombian authorities.