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13.10.26 - 03:48
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Colombia′s Richest Man Turns Venezuelan Oil Contract Into $500 Million GeoPark Stake (ZeroHedge)
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Colombia's Richest Man Turns Venezuelan Oil Contract Into $500 Million GeoPark Stake
Colombian billionaire Jaime Gilinski is positioned to take control of GeoPark Ltd., a Latin American energy producer, after converting a Venezuelan oil agreement secured at almost no upfront cost into an equity stake initially valued at more than $500 million, according to Bloomberg.
The transaction illustrates the competition for Venezuelan assets following Nicolás Maduro's removal in January and Washington's subsequent relaxation of energy sanctions. Investors with government connections are moving quickly into a country whose enormous oil reserves have suffered from years of mismanagement, sanctions and inadequate investment.
Bloomberg writes that Gilinski, worth approximately $40 billion according to Bloomberg, made his fortune in banking and acquisitions, including his takeover of food manufacturer Nutresa SA. His son Gabriel reportedly visited Caracas more than ten times this year, meeting with acti...
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