Venezuela Seizes Stake in Oil Venture From Firm With Russia Ties [Financial Post (Toronto, Ontario, Canada)]
Baker Hughes Company (BKR)
Company Research
Source: Financial Post
(Bloomberg) — Venezuela's state oil company seized a minority stake in a key joint oil venture from GPB Global Resources, a private energy firm founded by former Gazprom PJSC officials, taking full control of the asset. Best food storage containers for cabinet organization and leftovers Advertisement Petroleos de Venezuela SA took over the 40% stake in the Petrozamora venture over the past month and replaced the board of directors after notifying GPB with a letter, according to four people with direct knowledge of the matter, who aren't authorized to speak publicly. Neither PDVSA nor GPB returned messages seeking comment. It's unclear if GPB was offered compensation or if it's in negotiations with PDVSA after being notified of the changes in the project. GPB had operational control of the venture which is rare in Venezuela, including managing the finances of the partnership. While GPB is a closely held company incorporated in the Netherlands, it is led by Vladimir Shvarts
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