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Latin Times
Latin Times
World
Demian Bio

Venezuela scrambles to give assets it seized from ConocoPhilips to a local company

Venezuela Joe Biden PDVSA Maduro Oil
Oil facility of Venezuela's state oil company PDVSA (Credit: Reuters)

Venezuela is set to hand oil fields and facilities once operated by ConocoPhilips to a small firm as it scrambles to close deals before U.S. sanctions go back in place on Thursday, preventing new actors from entering the country without risking a response from the Biden administration.

Bloomberg reported that Venezuelan firm A&B Investments will partner with state-run PDVSA to run heavy oil fields in the Orinoco Belt, as well as its associated processing facility.

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