Maha Capital AB said it will acquire a 24 percent indirect stake in Venezuelan oil company PetroUrdaneta by exercising its rights under a deal with Novonor.
Stockholm-based Maha said it has made the decision following the United States Treasury’s issuance of a “general license” (GL) for certain transactions involving Petróleos de Venezuela SA (PdVSA).
PdVSA owns 60 percent of PetroUrdaneta, which operates fields in the Maracaibo basin in the northwest of the South American country. Odebrecht E&P of Brazil’s Novonor owns 40 percent.
In March 2024 Maha signed agreements with Novonor and paid EUR 4.6 million ($5.29 million), securing the right to acquire 60-100 percent of Novonor’s Spanish arm, which holds the 40 percent interest in PetroUrdaneta.
“Maha intends to transfer the shares to be indirectly held in PetroUrdaneta to its existing U.S. subsidiaries, observing the provisions of GL52 for such purpose”, Maha said in an online statement.
“Maha will use the prerogatives granted by GL52 and other existing OFAC [Treasury’s Office of Foreign Assets Control] general licenses for the negotiation and enforcement of the relevant operational and collaboration agreements/framework with PdVSA and/or local authorities, allowing the redevelopment of PetroUrdaneta’s fields”, Maha added.
Maha chief executive Roberto Marchiori said, “This development is very strategically important and represents a meaningful opportunity to support the reactivation of Venezuela’s economy”.
OFAC issued the new license last Wednesday. GL52 lifts prohibitions under executive orders 13850 and 13884, which Donald Trump issued 2018 and 2019 respectively – during his first presidential term – to stifle the Maduro regime.
The license authorizes “the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery or transportation of Venezuelan oil or petroleum products of Venezuelan-origin oil and petroleum products”, OFAC says on its website.
The license also allows “the provision to Venezuela of diluent, goods, services and technologies necessary for exploration, development or production activities in the oil, gas or petrochemical products sectors; entry into new investment contracts for exploration, development or production activities in the oil, gas or petroleum products sectors of Venezuela; the formation of new joint ventures or other entities in Venezuela related to such activities”, OFAC says.
GL52, according to OFAC, does not lift embargos on “transactions related to bonds and debt issued by PdVSA and its subsidiaries, including settlement of such bonds and debt; transactions involving equity interest in PdVSA and its subsidiaries, including the sale, transfer, assignment or use as collateral of equity interests in PdVSA and its subsidiaries by the government of Venezuela; transactions involving the transfer of equity interest in PDV Holding, CITGO Holding or CITGO Petroleum Corp; or transactions involving any other individuals or entities on the Specially Designated Nationals and Blocked Persons List”.
To contact the author, email jov.onsat@rigzone.com
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