Suelopetrol Challenges Chevron's Venezuela Stake Expansion

Suelopetrol, a Venezuelan oil producer, claims it hasn't been informed of a shareholders meeting to approve an increase in U.S. Chevron's stake in a key project. Suelopetrol, holding 1% of the venture, demands transparency in the share transfer and the current shareholding in the Orinoco Belt project.

In a recent development, Venezuelan oil company Suelopetrol expressed concerns over Chevron's plans to boost its stake in a significant venture to 49%. According to Suelopetrol's international division, there has been no official communication regarding any shareholders meeting to discuss or authorize this potential increase.

Suelopetrol holds a minor 1% share in the project, with potential room to grow its stake to 3% if the venture's structure changes. The company is keen on ensuring that it receives a complete account of the share transfer process.

Suelopetrol's demand reflects a need for full disclosure on the current shareholding details of the strategic project, based in Venezuela's productive Orinoco Belt, which holds significant oil reserves.