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Spanish Oil Giant Winds Down Operations in Venezuela


Wednesday, 22 May 2019 19:06 WIB

Global


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Spain's Repsol, the last western oil giant with major operations in Venezuela, is leaving the embattled country, as pressure mounts from U.S. sanctions and continuing unrest.

Repsol's investments in Venezuela, valued at nearly $1.7 billion (1,480 billion euros) in 2017, have fallen 70% over the past year. The company's annual report also says the firm will continue winding down its Venezuelan business in the next few months.

Repsol has been the subject of intense negotiations between Spain and Washington as the Trump administration tries to get Madrid's socialist government to join efforts to isolate President Nicolas Maduro.

Source : VOA


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