Suelopetrol Internacional, shareholder of Chevron in heavy crude oil exploitation operations in a key area of the Orinoco Belt, learned about the oil giant’s expansion in Venezuela through a press release on April 14.
On Monday, Chevron signed two agreements with the Government of Venezuela, one of them to increase its stake from 35.8% to 49% in Petroindependencia, one of the joint ventures operating with Petróleos de Venezuela (PDVSA) and of which Suelopetrol is a founding partner. According to its bylaws, Suelopetrol holds a 1% stake.
However, after Monday’s agreements, Suelopetrol’s shareholding in Petroindependencia is unclear. The company was neither consulted nor compensated in the process, according to a spokesperson.
“Suelopetrol has not received any formal notification about any shareholders’ meeting, corporate resolution, or approval process authorizing such transfer in accordance with applicable law and the documents governing the joint venture,” they reported in a statement shared with EL PAÍS.
The minority shareholder asserts that, according to the articles of incorporation, Suelopetrol has “the right to a proportional share in any increase.” They say that “for the sake of transparency and legal certainty,” the company “has the right to receive a full explanation of the chain of ownership of the said share transfer.”
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“At a time when Venezuela seeks to integrate into international capital,” Suelopetrol demands, “transparency, legal certainty, and the protection of legitimately acquired rights are essential to generate investor confidence.”
Chevron did not respond to an information request this Wednesday.
With Monday’s signing, the oil giant reaffirmed its position as PDVSA’s main partner and as the largest private producer of heavy crude in Venezuela’s main producing region, the Orinoco Belt, where more than 80% of its reserves lie.
The agreements are part of a surprising opening to foreign investment following the January military operation in which the United States arrested President Nicolás Maduro and forced the establishment of a government led by Delcy Rodríguez, who had until then been the vice president.
Although Rodríguez has taken steps to relax the participation conditions for private oil companies in Venezuela—including a record-time reform of the Hydrocarbons Law in January—the opposition leader María Corina Machado and oil analysts question whether the government in power offers legal and operational security for the immediate return of foreign oil investment to Venezuela.
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