Skip to content
Subscriber Only

Two Ex-Gazprom Executives Help Venezuela Keep Oil Flowing

  • As other projects waver, GPB effort with PDVSA holds steady
  • Now most productive in the country, oil chamber head says
Photographer: Meridith Kohut/Bloomberg
Updated on

In sanctioned and crisis-torn Venezuela, a little-known company led by former executives at Moscow-based Gazprom PJSC is taking an outsized role for embattled leader Nicolas Maduro as many of his main foreign partners in the oilfields scale back or leave.

GPB Global Resources BV is based in the Netherlands, but it’s run by Boris Ivanov and Sergey Tagashov, both of whom also worked for the Russian government in the past. In the last year, GPB steadily pumped about 10% of Venezuela’s oil in a joint venture with Petroleos de Venezuela S.A, the state-run company known as PDVSA. The operation, named Petrozamora SA, is operating with no company-specific sanctions in the Maracaibo region that helped establish Venezuela as an oil power in the 20th century.