Venezuela Mogul Cisneros Partners With PDVSA in New Oil Venture

Venezuela business mogul Ricardo Cisneros signed a deal with Petróleos de Venezuela SA as the government offers greater control of the energy industry to private partners.

Cisneros, who is chairman of Cisneros Corporation, is entering a joint venture with PDVSA through Globalable Holding SL. The JV known as Petrocabimas is based in the western Zulia state and is projected to quadruple current production to 50,000 barrels a day by 2026, Cisneros said in a statement. PDVSA did not reply to a request for comment.

After years of economic crisis, hyperinflation, mismanagement and sanctions, many foreign companies have left Venezuela ...