• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days They pay YOU to TAKE Natural Gas
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 3 days What fool thought this was a good idea...
  • 6 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 1 day A question...
  • 12 days The United States produced more crude oil than any nation, at any time.
Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

More Info

Premium Content

U.S. Funds Set Sights On Venezuela Oil Investment

  • Two American investment funds are looking to take a stake in an oil project off the eastern coast of Venezuela.
  • Gramercy Funds Management and Amos Global Energy will partner with a division of Venezuelan-based Inelectra group.
  • The move could be a signal that tensions between Washington and Caracas are beginning to thaw.
Venezuela

Two U.S. investment funds have formed a joint venture to invest in Venezuela's oil industry.

The funds, Gramercy Funds Management and Amos Global Energy, will partner with a division of Inelectra Group, a Venezuela-based company, which has a stake in an oil project off the eastern coast of Venezuela, where oil was discovered in 2001, Reuters reported.

The move may be a signal that the initial signs of thawing in Washington's relations with Caracas are now multiplying. Despite the fact that U.S. companies are only barred from doing business with state-owned PDVSA since the Trump administration enforced the sanctions on Venezuela U.S. investors have been less than eager to do business with private oil companies in the South American country as well.

Amos Global Energy, a fund set up in 2019 by a former Chevron executive, has a special focus on Latin America, per its website, and a more specific focus on Venezuela, per Reuters.

Gramercy Funds Management, for its part, is a fund focused on emerging market investments across asset classes.

The two partners in the joint venture said that the aim of the venture was to "contribute to balancing oil supply and demand," according to a statement by Ali Moshiri, the head of Amos Global Energy.

According to Gramercy partner Matt Maloney, the venture "will be beneficial to U.S. interests in the region and the U.S. economy by lowering fuel prices for American consumers." 

It might take a few years before new supply from the project the two are investing in reaches U.S. drivers, but it appears that Washington is indeed relaxing its stance on Venezuela amid the fuel price shock.

Last month, the Biden administration relaxed restrictions for two European companies doing business with Venezuela, allowing them to export certain, albeit modest, volumes of Venezuelan crude to Europe.

By Michael Kern for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News