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Sucre Energy Group optimistic about Gas Guarico investment

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Sucre says Venezuelan authorities have expressed openness to bringing natural gas prices in line with market rates after years of price freezes and heavy subsidies

New York — A private equity group expects a contrarian bet it made earlier in 2021 on Venezuela’s oil and gas sector to pay off soon, with the socialist government making reforms to attract capital to the Opec nation after years of US sanctions and sparse investment.

“We have the belief that the state is going to put in place the public policy required for this market to work,” Nicolas Faillace, one of Sucre’s directors, told Reuters on Thursday. “That will give the proper incentive for the payments to happen.” The government has not publicly indicated any intention to raise prices for other fuels like natural gas, mainly used in Venezuela to boost crude output and generate heavily subsidised electricity.

 

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