The constraint is capital, not resources.
A world-class resource base
Venezuela holds the world's largest proven oil reserves, major iron ore and bauxite deposits, abundant natural gas and significant hydroelectric capacity. Much of the infrastructure that serves them has gone without investment for decades, but remains recoverable.
Repair, not build
Rehabilitating assets with proven operating histories means less capital per unit of output, a shorter path to production and known performance baselines compared with greenfield development.
An evolving US framework
US sanctions policy toward Venezuela is dynamic, and recent general licenses authorize defined activities in specific sectors. We act only within those authorizations and structure our agreements accordingly.
Early, disciplined positioning
Serious partnerships take time to build. Being present early, with credible operators and complete technical work, matters more than being first to announce.
Four repeatable ways we create value.
De-bottlenecking
Venezuela's installed industrial base isn't obsolete: it has simply gone two decades without the investment it needs. Targeted interventions such as relining, repairs, spare parts and working capital for critical inputs unlock stranded capacity and generate early cash flow.
Downstream value capture
Moving up the value chain from raw material to finished, export-ready product: ore to iron and steel products, bauxite to aluminum, gas to petrochemical derivatives. The margin sits between feedstock and international price.
Enabling infrastructure
Power, river transport, terminals and shared processing capacity serve every operator in a sector. Owning or restoring them lowers costs across our projects and earns steady, service-based revenue from third parties.
Integrated platforms
As assets stabilize, we connect them: production, logistics and energy working as one platform, attractive to long-term industrial and infrastructure owners.
The sequence matters: early cash flow from de-bottlenecking funds the patience that downstream and platform investments require.
One playbook across three sectors.
| Sector | De-bottlenecking | Downstream value capture | Enabling infrastructure | Integrated platforms |
|---|---|---|---|---|
| Metals, mining and basic industries | Reactivation of idled smelters, mills and beneficiation plants | Ore to pellets and briquettes; bauxite to alumina and aluminum; billets and wire rod | Shared processing and export terminals open to third-party producers | Staged integration from extraction to export-ready product |
| Oil, gas and petrochemicals | Well workovers and rehabilitation of surface facilities | Monetization of flared gas; derivatives from underused byproducts | Storage, blending and transfer services | Service and production platforms around brownfield fields |
| Logistics and energy infrastructure | Port rehabilitation, barge fleet restoration, power plant reactivation | Gas-to-power; captive industrial power with surplus sales; hydroelectric rehabilitation | River transport, deep-draft terminals, independent power for industrial users | An integrated logistics and energy platform serving our projects and third parties |
Five tests every project must pass.
Every project has to clear the same five tests before we commit: it's a brownfield asset with a proven operating history and a clear path from capital to production; it's paired with an operator that has run comparable assets elsewhere, so capital isn't learning an industry from scratch; its output is a finished, internationally tradeable product sold to creditworthy buyers; its revenue is priced and settled in US dollars by design, so returns don't depend on local monetary conditions; and its capital is released in stages, against independently verified milestones, never in one commitment.
Structures designed to work for the State, the operator and the investor.
For existing state assets, our preferred model pairs an international operator with a production-sharing agreement, which brings capital and know-how without transferring ownership. For new plants and infrastructure, the project company may own the asset outright. We choose the structure that fits each project.
Ownership follows the asset: existing strategic assets remain the State's, with our partners operating and investing under long-term agreements and production shared under an agreed formula, while new plants and infrastructure can be owned directly by the project company.
Pricing is transparent and benchmark-linked: product is valued against published international references with explicit formulas, so every party can verify what it's owed.
On execution, each stage closes with a formal review of recovery, quality and readiness before the next release of capital, and export proceeds flow through independently administered accounts distributed under a contractual waterfall that includes the State's share.
Governance is joint and reporting is continuous, and we rebuild with Venezuelan engineers, suppliers and workers: rehabilitation works when the people who know the plant are part of it.
Protection is structural, not an afterthought.
Revenue and currency
Revenue is US dollar by design, from products sold in international markets, collected through independent accounts and ring-fenced project vehicles, with physical control of product through collateral management where appropriate.
Sanctions and integrity
No project advances without sign-off from specialized sanctions counsel, every agreement is made contingent on the US authorizations it requires, and FCPA, anti-corruption and KYC/AML standards apply to every counterparty.
Execution and capital
Capital is released only against independently verified milestones, technical due diligence is led by engineers who know the assets, and our base cases are conservative, tested below prevailing market prices.