PDVSA signs deal with GE Vernova to restore oil industry power infrastructure

Venezuela’s state oil company PDVSA has signed a “strategic partnership” with US company GE Vernova to recover electrical infrastructure supporting the country’s petroleum industry.

The agreement was signed at the Miraflores presidential palace in Caracas by GE Vernova Venezuela President Carlos Mousadi and PDVSA Executive Vice President Jovanny Martínez. Acting President Delcy Rodríguez and US Energy Secretary Chris Wright attended the ceremony. Wright has been visiting Venezuela since Tuesday.

GE Vernova also signed an agreement with Venezuela’s state electricity company, Corpoelec. State broadcaster Venezolana de Televisión said the deal will promote several projects to strengthen the national electricity system.

The agreements follow a memorandum of understanding on electricity signed in June by the Venezuelan government, GE Vernova representatives and Corpoelec. At the time, GE Vernova corporate director Roger Martella said the company’s mission was to make electricity available to everyone. “We want to move quickly, so the system works as well as possible within a few months, and I think we can do it together,” he said in remarks broadcast by VTV. He added that the company and its partners would strengthen the national electricity system over the next 12 months and beyond.

Venezuela has suffered power supply failures for years, particularly in regions far from Caracas. The government of Nicolás Maduro’s movement has blamed foreign sanctions, especially US sanctions. The opposition and experts attribute the outages to corruption, inadequate maintenance and other factors.

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We want to move quickly, so the system works as well as possible within a few months, and I think we can do it together. We already have an agreement on the technical aspects and how we can move forward quickly. Over the next 12 months and beyond, we will strengthen the national electricity system.