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Venezuela’s Transportation Minister Meets NDF President

NDF Up to Invest in Venezuelan Oil and Petrochemical Projects

  • 16 January 2023
  • 10:32
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NDF Up to Invest in Venezuelan Oil and Petrochemical Projects

NDF’s most significant indicator of investment is minimum expected profit and low risk in the meantime”, said Mehdi Ghazanfari, NDF President, in a meeting with Venezuela Transportation Minister. In case of low risk, National Development Fund is up for investment in important overseas economic projects, added Ghazanfari

Ramon Blasquez, Venezuela Transportation Minister and Venezuelan Head of Iran-Venezuela Joint Economic Commission, met with NDF President Mehdi Ghazanfari here in Tehran on the sidelines of the 9th meeting of Iran-Venezuela Joint Commission for Economic Cooperation, says a report released by NDF Public Relations Department. During the meeting, highlighting NDF’s target-oriented and operational plans for foreign investment, Ghazanfari said, “National Wealth Funds usually accept low risks and even with prior approvals and comprehensive study of projects, the funds’ Risk Management Committees may reject the proposal. Thus, the funds should make initiatives strategies through which their foreign investment projects come with minimum risks”.

Underlining the high number of studied projects, NDF President then stressed on summing up and finalizing the findings of projects reviewed and added, “following variety of studies and reviews, the fund is ready to invest in Venezuelan oil and petrochemical projects in case of projects low risks”.

Financial Guarantee by Venezuelan Government, a Must for NDF Investment

During the said meeting, Hossein Eivazlou, NDF Executive Board Member and Vice-president for Foreign Investment, was the next speaker who briefly reported on his recent visit to Venezuela and the signing of two MOUs.  Announcing the start of executive measures, he then referred to holding of several meetings with MAPNA and RAMKO companies and review of proper financing models with the Venezuelan party. In his opinion, the provision of adequate and certain financial guarantees by Venezuelan Government is an important issue to enter contracts and restated that required financial guarantees can pave the way for NDF investment in Venezuela in short period of time. 

NDF Executive Board Member and Vice-president for Foreign Investment continued, “as regards the targets set, NDF would quickly start investment in the said region provided that the fund receives certain guarantees such as an oil or gas field or valid shares of stock from Venezuelan companies”.

Following Eivazlou’s remarks, Venezuela Transportation Minister Ramon Blasquez, saying that the NDF proposals will be reported to Venezuelan Government, continued, the main goal of Venezuelan 20-year Development Plan is progress and prosperity, which are personally followed by the President and he eagerly welcomes any type of investment”. “Provision of necessary guarantees for NDF investments is totally practical and the administration supports the process”, he stated in his final remarks.

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