Three investor trips are organized by three different consulting companies, writes Reuters.
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Investor interest in Venezuela, a country with the world's largest proven oil reserves and more than $100 billion in debt that requires restructuring, has surged since the U.S. captured former President Nicolas Maduro in January. The American operation was codenamed “Absolute Resolve”.
Thursday's agreement between Washington and Caracas regarding the restoration of diplomatic relations is another important step towards involvement in the affairs of a country that was once one of the richest economies in Latin America.
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Maciej Zieliński / PAP / photos
Business first, beach later. Investors are moving to Venezuela
The company organizing one of the trips said that most people who sign up for the two-day event, which costs $7,000. per person, they are Americans. After the event, there will be a trip to the beach to the nearby Los Roques archipelago, famous for its crystal clear water and white sand.
Another company claims that participants include asset managers and hedge funds. Some of them hold bonds issued by the Venezuelan government or state oil giant PDVSA, which have defaulted on their obligations since 2017. Investors from the oil and real estate industries also registered for the trip.
Draft meeting agendas are filled to the brim with the names of influential figures in Venezuela's interim government, according to one investor who received travel details and shared them with Reuters.
Companies are moving 'at Trump's pace'
White House spokeswoman Taylor Rogers said minerals, mining and oil and gas companies were moving at “Trump pace” by investing in newly discovered Venezuelan markets.
“Secretary Burgum met this week with Delcy Rodriguez and investors from a broad spectrum of industries in Venezuela, noting the rapid progress and emphasizing the huge interest in the renewed inflow of capital into the country” — Rogers said, referring to U.S. Secretary of the Interior Doug Burgum, who concluded a visit to Venezuela on Thursday.
Sanctions remain an obstacle for investors. Washington has not yet lifted sanctions on acting President Delcy Rodriguez and other high-level decision-makers. .
Source: Reuters
