In March Gazprombank, the third largest asset lender in Russia, announced that it has sold its stake in the Petrozamora joint venture in Venezuela. The major stakeholder of the venture in the Venezualen oil firm PDVSA. Up till this time Gazpromban has owned 40 percent of PDVSA. This 40 percent was in turn sold to a group of investors who have no ties whatsoever with Gazprombank. Gazprombank did this by selling its 17% stake in GPB Global Resources B.V. owned 40% of Petrozamora. They had already sold 83% of it in 2016. TPDVSA and Gazprombank first formed a partnership.
In 2013 Gazprombank joined forces with GPB Global Resources B.V., Petrozamora and PDVSA to invest $1 billion to finance the investment program and operations of Petrozamora JV. The Russian-based Gazprombank, the owner of GPB Global Resources B.V., decided to get out of their Venezuelan interests after the U.S. imposed sanctions on it. These sanctions were imposed in an effort to block the corrupt current Venezuelan leader Maduro from access to Venezuela’s oil revenue. This is also why VTB, the second largest bank in Russia has begun the process of in getting out of its stake in the Venezuelan bank, EvrofinanceMosnarbank. To know more about the company click here.
The U.S. first instigated its sanctions in January 28. This has not discouraged Roseneft, Russia’s leading oil company, which has continued to do strong business in the country. Most of this business is done with PDVSA. However, it does have investments in various other projects. It has been noted that they have lost $9 billion just in Venezuela since 2010. However, since that time it has gained much more. It currently maintains five projects throughout the country. The Russian banks Gazprombak and VTB are certainly not the only international companies to get out of Venezuela at this time.
Many companies all over the world are leaving it in a mass exodus in the face of the new sanctions. For a while PDVSA denied the rumour that Gazprombank was abandoning, but then the sale deal was finalized with the still anonymous group of investors. As a result of this, Gazprombank, owner of GPB Global Resources B.V., has successfully rid itself of all Venezuela-based investment projects.