Harry Sargeant III, a Florida-based American energy magnate, has sold his stake in Venezuela’s second-largest private oil producer for $300 million. The transaction, finalized around August 8, was forced by the freeze of his offshore vehicle Bluewave Properties Ltd.’s assets by the US Office of Foreign Assets Control (OFAC), for violations of a 2018 executive order restricting American engagements with the Venezuelan government. NABEP, the company involved, produces approximately 160,000 barrels per day and the buyer is tied to Alejandro Betancourt, the company’s controlling shareholder. This forced sale is part of a broader crackdown on US-Venezuelan relations.
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