Home / Business and Economy / Suelopetrol Denies Knowledge of Chevron's Increased Venezuela Share
Suelopetrol Denies Knowledge of Chevron's Increased Venezuela Share
14 Apr
Summary
- Suelopetrol received no notice of a shareholders meeting.
- Chevron's stake increase in a key Venezuela project is questioned.
- Suelopetrol seeks an account of share transfer and current holdings.
Suelopetrol, a Venezuelan oil producer, has reported that it has not been informed of any shareholders meeting or resolution that would allow U.S. energy giant Chevron to raise its stake in a crucial project. The project involves operations in Venezuela's Orinoco Belt.
According to the terms of a joint venture extension, Suelopetrol currently holds a 1% interest and has the potential to increase its share to 3% if the project's structure changes. The company stated that it is entitled to a complete account of any share transfer.
Furthermore, Suelopetrol seeks full disclosure regarding the current shareholding within this key Venezuelan project. The company's international arm communicated this lack of notification and its rights concerning shareholding information.
