Informed sources have stated that Venezuela has granted “Gazmin International Group” company 40% stake in Petrozamora about 6 months after the Venezuelan government took control of the company that was run by Russian management. While the state-owned oil and natural gas company, Petroleos de Venezuela, owns a 60 percent stake.
The agency revealed that the government of President Nicolás Maduro acquired Petrozamora last September with the hope to directly control its exports, adding that this change in ownership comes in the wake of the turmoil in the global oil market.
Venezuela has been losing Chinese market share to Russian competition, which sells crude oil at discounted prices, due to efforts by the United States and other G7 countries to limit Russia’s energy revenues.
This is not the only recent change in Venezuela’s oil exports. Chevron is now able to export oil from Venezuela to the United States, which has eased the sanctions imposed on the Maduro government.
The informed sources have predicted that “we might soon witness more Venezuelan oil exports to the United States than Kuwait and Libya combined.” Further adding that Petrozamora before the US sanctions was one of the most productive oil projects in Venezuela, and all of its oil production was going to Europe.
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