The American company NABEP will take control of 17 oil fields in Venezuela. Five of them were previously developed by China, and one by Russia.
The terms of the deal are particularly interesting: the US government will receive a 35 percent stake in NABEP, as well as the priority right to purchase the oil produced.
Previously, the main Russian player in Venezuela was Rosneft. In 2020, it transferred its assets to the Russian state company Roszarubezhneft.
The Wall Street Journal describes the agreement as unusual and legally controversial, writes Reuters .
On the American side, the Pentagon will also be included as an investor, although questions remain as to whether the law allows it to own shares in a foreign company.
Nor can production be increased quickly. Venezuela’s oil infrastructure is in a very dilapidated state, and restoring it to function will take years, as well as huge investments.
Moreover, the agreement was signed with Venezuelan authorities, whose legitimacy is disputed. If the government changes, the new president may try to renegotiate the agreements. /Telegraph/