Billionaire businessman Oswaldo Cisneros,
one of Venezuela’s richest men, is investing $1 billion in a state-controlled
oil field as the government seeks to attract more private funds for the
struggling energy sector. A group of Venezuelan businessmen led by Mr. Cisneros
and calling themselves Delta Petroleum NV will sign a deal next week to invest
$800 million in the PetroDelta joint venture with state-run Petróleos de
Venezuela SA in the country’s east, said the president of the state producer,
which is known as PdVSA, and a spokesman for Mr. Cisneros. Earlier this month,
Mr. Cisneros completed the purchase of 32% of PetroDelta from Houston-based
Harvest Natural Resources Inc. and Argentina’s Pluspetrol for about $200
million in cash and stock. More…
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