According to Venezuela’s state-owned oil firm PDVSA, they had signed a deal with a little known US energy firm, Erepla, which happened to be partly owned by a Florida Republican. The news came as a surprise to many, since a venture between socialist-ran Venezuela’s PDVSA and Florida Republican, could jeopardize the firm’s expansion, amid zero tolerance policy for socialists in US economy.
Erepla Services LLC, is partly owned by a prominent Republican figure, Harry Sargeant III and according to the state records, the frim was registered only two months ago. The company announced recently that they had plans to invest up to $500 million to enhance production of three Venezuelan oil fields in exchange for a substantial portion of produced crude.
As stated previously, the arrangements have been facing tremendous extent of hurdles including attaining an exemption from US administration, which blocks US companies from financing the socialist government of Venezuela or Venezuelan state firms.
The arrangement was a clear indication that the Venezuelan government had been pinching less experienced US firms to steer the country’s oil-based economy through a troublesome period, in the face of an almost impenetrable US sanction.
However, earlier last month, the Venezuelan state-owned oil firm had missed several oil exports to a Russian state-owned energy company, while the countries had been in an agreement of “oil for loan”.