Gazprombank has withdrawn from the capital of GPB Global Resources, which owns shares in a joint venture with the Venezuelan oil company Petrleos de Venezuela SA (PDVSA), according to Interfax, citing a bank.
On Thursday, March 14, Reuters, citing a source from Gazprombank, reported that at the beginning of 2019 the bank sold an indirect stake in Petrozamora, a joint venture with PDVSA. "The indirect minority stake in the Petrozamora joint venture was sold to a group of investors not connected to Gazprombank," a source at the bank told Reuters. "As a result, Gazprombank currently has no investment projects in Venezuela," he said. In GPB Global Resources did not comment on this information on Reuters.
GPB Global Resources and PDVSA created a Petrozamora S.A joint venture in July 2012. According to the GPB Global Resources website, PDVSA owned 60% of the shares of Petrozamora, Gazprombank 40% through GPB Global Resources, writes Reuters. At the time of this writing, the GPB Global Resource Website was not available for technical reasons. In November 2016, Gazprombank sold 83% of its stake in GPB Global Resources for $ 248 million to a "third party".
In January of this year, Gazprombank assessed the risks to its business due to the political situation in Venezuela as a minimum. "Gazprombank is not currently implementing investment projects in Venezuela," a bank representative said. Then, he said, the joint venture "worked as usual".
Washington imposed sanctions against the PDVSA in late January. The company's activities for a total of $ 7 billion have been blocked: the United States has forced American companies to buy oil from Venezuela to transfer the payment to a blocked PDVSA account, to which Maduro and his supporters have no access. Earlier, US Energy Secretary Rick Perry said the United States would impose sanctions on countries that support the current Venezuelan president, Nicolas Maduro.