Oil Driller Maha Exercises Venezuela Rights After US Clearance

Maha Capital AB, a Swedish energy company managed by Brazilian executives, has exercised its rights to acquire a 24% stake in a Venezuelan oil field after the US provided sanctions relief.

Maha approved the call option after the US Treasury Department issued a license on Wednesday that authorizes US entities to carry out transactions with state-owned Petróleos de Venezuela SA, the Stockholm-based company said in a statement. Maha will transfer its shares in the PetroUrdaneta project, a joint venture with PDVSA, to its US subsidiaries, it said.