Venezuela Mogul Cisneros Partners With PDVSA in New Oil Venture
- Cisneros will enter a JV with PDVSA in the western Zulia state
- JV projected to quadruple production to 50,000 b/d by 2026
Ninoska Rodriguez, Ricardo Cisneros, and Josaim Trujillo at PDVSA offices in Caracas.
Source: PDVSA
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Venezuela business mogul Ricardo Cisneros signed a deal with Petróleos de Venezuela SA as the government offers greater control of the energy industry to private partners.
Cisneros, who is chairman of Cisneros Corporation, is entering a joint venture with PDVSA through Globalable Holding SL. The JV known as Petrocabimas is based in the western Zulia state and is projected to quadruple current production to 50,000 barrels a day by 2026, Cisneros said in a statement. PDVSA did not reply to a request for comment.