Venezuela’s military is courting foreign investors to set up joint ventures with its fledgling oil, gas and mining company Camimpeg, a potentially far-reaching enterprise born out of a deal with the unpopular government to ensure its loyalty, defense ministry and executive branch officials tell Argus. Created in February 2016, Camimpeg’s “unlimited authority” to pursue oil and mining projects challenges the hegemony of Venezuelan national oil company PdV and other stateowned enterprises that have dominated the country’s natural resources since they were nationalized in the 1970s.
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