Petróleos de Venezuela granted the company GazMin International Group a 40% stake in Petrozamora. GazMin is based in the United Arab Emirates and Kuwait. Some of its partners are Venezuelan citizens, Bloomberg detailed
The state company Petróleos de Venezuela (PDVSA) granted the company GazMin International Group a 40% stake in Petrozamora, after it expropriated it from its Russian partners six months ago.
GazMin is now the minority partner in Petrozamora SA; while Pdvsa owns the other 60%, confirmed several anonymous sources to the Bloomberg news portal, specialized in finance.
Previously, and since its founding in 2012, the minority stake was held by the GPB Global Resources corporation, a closely owned energy company founded by former Gazprombank Latin America Ventures officials.
The government of Nicolás Maduro took command of Petrozamora in September hoping to directly control its exports, the people said. “At that time, GPB qualified the measure as illegal expropriation of assets,” the sources told the news portal. Until now, the information has not been confirmed by any source linked to PDVSA.
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GazMin is based in the United Arab Emirates and Kuwait. Some of its partners are Venezuelan citizens, Bloomberg detailed. The federal registry of the United Arab Emirates shows that a company called GazMin was formed in September 2019, although it is not clear if it is the same entity that does business in Venezuela.
Petrozamora is a mixed company of Venezuelan and Russian capital, and it operates in Zulia state. It was established between the Corporación Venezolana de Petróleo, SA, a subsidiary of Petróleos de Venezuela SA (PDVSA), and the company Gazprombank Latin America Ventures; It appeared in Gazette No. 39,877 of March 6, 2012.
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