The company led by former Chevron executive Ali Moshiri signed with Sinopec an agreement to buy shares in Petroparia. China maintained 32% of the shareholding in the Mixed Company in conjunction with PDVSA and since May 2024 had started negotiations with Amos Global Energy Management to get rid of this asset in Venezuela
Amos Global Energy Management LLC (AGEM) signed a purchase and sale agreement (SPA) with the Chinese company Sinopec for its oil and gas interests in the Gulf area of Paria off the coast of Venezuela, he reported The company in a press release. It was explained that these rights are maintained in the mixed company or mixed society, called Petroparia.
Amos considers that this purchase will ultimately bring the necessary investments to develop oil and gas production opportunities in Venezuela.
«This acquisition adds to our Joint-Venture agreement with Inepetrol in the Gulf of Paria. Our effort continues to be prepared to increase Venezuelan production when existing sanctions are lifted, ”said Ali Moshiri, president and executive director of Amos Global Energy Management.
Moshiri was Chevron Managing Director in Latin America, and then occupy the presidency of Chevron Africa and Latin America from 2008 to his retirement in 2017.
Amos Global Energy It is a company promoted and founded by Moshiri together with other oil professionals in 2019, To capture capitals or fresh money, to invest exclusively in the Venezuelan oil industry, The company itself indicated in a statement in 2021.
On the agreement with Sinopec, it was explained that the final agreement for this acquisition is conditioned to the approval of the Office of Foreign Assets Control (OFAC) of the United States Treasury and the Venezuelan Government.
Oil experts indicate that the National Assembly must also have the approval of the National Assembly for being a National Interest Contract.
“When this happens, Venezuela will be a strategic partner again to guarantee energy security in the Western hemisphere. In addition, the oil sector plays an important role in the economic recovery of Venezuelans, ”added Moshiri.
Since May 2024, conversations began to buy 32% of the shares that kept the China Sinopec in Petroparia. This joint company began in 2007 when Petróleos de Venezuela (PDVSA) took over the fields operated by Conocophillips after the nationalization and nationalization plan of the oil sector during the management of Hugo Chávez. In this sense, PDVSA then converted the Gulf Project of Paria in Petroparia and divided the property between PDVSA with 60%, Inepetrol with 8%and Sinopec with 32%.
The purchase of shares in Sinopec then I would give Amos the control of 40% of the joint company Petroparia In the northeast of Venezuela, while PDVSA would still have its 60%controlling participation. Inepetrol, based in Venezuela, has 8% of the mixed company and is already part of a joint association that includes Amos.
Of the 26 mixed companies of the Orinoco oil strip in five of them the National Petroleum Corporation of China (CNPC) and one with Sinopec participation were associated with PDVSA.
*Also read: Chevron achieves its highest Venezuelan export volume since the license in 2023
*Journalism in Venezuela is exercised in a hostile environment for the press with dozens of legal instruments arranged for the punishment of the word, especially the laws “against hatred”, “against fascism” and “against blockade.” This content is being published taking into account the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
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