Ever since GBP Global Resources (GPB Global Resources B.V.) was established in 2011, it was known for being affiliated with Russia’s Gazprombank. Whether the financial services firm was getting into a mineral exploration deal or an oil production agreement, its association with Russia’s third-largest lender by assets was bound to be mentioned.
Keeping this history in mind, it came as a notable development when Gazprombank announced that it had sold its stake in GBP Global Resources in order to bow out of an indirect partnership with Venezulan state oil company PDVSA. Learn about GPB Global Resources at zoominfo.com
Speaking to Reuters in March 2019, a representative from Gazprombank confirmed the development. The move resulted out of many Russian companies flocking to pull their investments from Venezuela after the U.S. put sanctions on the state. The U.S. government’s decision was taken in the face of President Nicolas Maduro’s regime that violates several rights of the Venezuelan people.
Given this development, Gazprombank’s decision to pull its indirect investment made sense for the financial institution. But it since it was GBP Global Resources (GPB Global Resources B.V.) that made that indirect investment possible by holding a partnership with PDVSA, Gazprombank also had to bid farewell to its long term partner in GBP GR.
While the Russian bank confirmed to Reuters that the sale was completed, it did not mention who the buyer was or if the oil and energy company will be identifying with a new entity as its minor yet popular stakeholder. On the other hand, GBP Global Resources (GPB Global Resources B.V.) also did not return any comments to Reuters.
With that being said, GBP Global Resources (GPB Global Resources B.V.) has continued its operations in the countries where it had its long term projects in place. With it, the company has also continued to form new partnerships with many of them in the pipeline, indicating that business is going as usual at the Netherlands-based company.