Venezuela Seizes Stake in Oil Venture From Firm With Russia Ties
- GPB run by former Gazprom and Russian government officials
- Petrozamora accounted for 10% of supply before US sanctions
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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.
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.