The Daily Journal — Swedish financial services firm Maha Capital announced on Monday that it reached a definitive agreement to acquire the remaining 40% stake that Novonor Latinvest Energy held in Odebrecht E&P España (OE&P). The transaction carries a total value of $37.5 million.
Through this strategic move, the European company strengthens its position in South America’s energy market, as OE&P holds a 40% interest in the Venezuelan mixed oil company PetroUrdaneta. As a direct result of the acquisition, Maha Capital’s indirect stake in the Venezuelan asset will increase significantly, rising from 24% to 40%.
Shareholding Structure and Closing Timeline
Following the restructuring of the company’s international partners, Petróleos de Venezuela S.A. (PDVSA) will retain majority control of the joint venture by holding the remaining 60% stake in PetroUrdaneta, in accordance with Venezuela’s legal framework governing hydrocarbon projects.
In a corporate statement, Maha Capital outlined the requirements and timetable for completing the transaction:
“The transaction remains subject to customary closing conditions, corporate and regulatory approvals in Brazil and other jurisdictions, and the absence of a material adverse event. The parties agreed on a maximum period of 120 days, with a possible extension of up to 30 days.”
Maha Capital’s investment coincides with the wave of legal reforms implemented this year in Venezuela’s energy sector and the easing of licensing conditions by international authorities. These developments have encouraged foreign investment funds to enter the country and support the reactivation of oil production and drilling programs across Venezuela’s petroleum basins.
With information from MT Newswires.
