Venezuelan businesses seek recovery of expropriated oil assets

Business leaders in Venezuela are seeking to recover assets expropriated during the Hugo Chávez administration, driven by renewed interest in the country's energy sector. Approximately 40 companies, primarily located in the Zulia state and the Costa Oriental del Lago region, maintain claims regarding facilities and assets seized during 2009. These entrepreneurs are exploring options such as property restitution, new operating agreements, or compensation mechanisms to reintegrate into the productive sector.

Simultaneously, the potential reactivation of the oil industry is prompting supply companies to prepare new proposals and update equipment. The 8th International Oil, Industry, and Commerce Expo in Maracaibo has drawn interest from roughly 240 national and international firms, including participants from Mexico, Colombia, and Argentina. Industry representatives note that while demand for supplies like valves could reach US$ 500 million, achieving this requires providing transparency and legal certainty to foreign investors.