Venezuela To Pay Exterran Over $440 Million For Seized Assets
by: Andrew Schneider, August 8, 2012 4:08:00 am
Energy equipment and services provider Exterran received an initial cash payment of close to $180 million. Some $50 million of that will go to repay insurance proceeds the company previously collected under a policy it maintained for the risk of expropriation.
PDVSA, the Venezuelan state oil monopoly, will pay out the remaining $260 million plus in increments over the next four years.
Exterran’s assets in Venezuela included electrical generators and natural gas compressors. The company also held minority stakes in local firms that operated gas compression and water injection plants. The Venezuelan National Guard seized all these facilities in 2009, handing them over to PDVSA.
Based in North Houston, Exterran has roughly 10,000 employees and operates in approximately thirty countries.