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<\/figure>\n\n\nPequiven \r\nholds 49% of the shares while the remaining 1% of the Venezuelan portion is held \r\nby International Petrochemical Holding Limited, another offshore firm that \r\nPequiven established in the Virgin Islands and from which it manages its share \r\nin joint ventures operating in Western Venezuela, such as Sofilago and Grupo \r\nZuliano, as well as the trading company International Petrochemical Sales \r\nLimited.<\/p>\n\n\r\n\n
The \r\nIranians, for their part, only insured 1% of the pie directly in their \r\nterritory, through Petrochemical Industries Investments Company. The other 49% \r\nof this financial engineering is in the United Kingdom in the name of NPC \r\nInternational Limited, a subsidiary of the Iranian National Petrochemical \r\nCompany, on which international sanctions are imposed since it appeared on the \r\nso-called Clinton list of the Office of Foreign Assets Control (OFAC) of the \r\nTreasury Department.<\/p>\n\n\r\n\n
Although \r\nthe Venezuelan State companies have accounts and subsidiaries all over the \r\nworld, Pequiven is an unprecedented case. There is no expert who ventures to \r\npoint out the reasons why a state company has chosen to register a company in a \r\ntax haven. But Veniran is not Pequiven's only offshore company. Laying low in \r\nthe English Caribbean, the Venezuelan petrochemical industry also has other \r\ncompanies that have nothing to do with Iran and international sanctions imposed \r\nagainst their government, namely, International Petrochemical Holding Ltd, \r\nInternational Petrochemical Sales Ltd, and International Petrochemical \r\nLtd.<\/p>\n\n\r\n\n
Also \r\nin the Virgin Islands, Pequiven registered Monomeros, a Colombian subsidiary \r\nthat until recently appeared on its website as \"the only subsidiary in which \r\nPequiven participates, with headquarters outside of Venezuelan territory.\" \r\nHowever, there is no one in the Venezuelan state company who can give \r\ninformation on the subject. Their website is down and last week there was no one \r\nto answer the phone in their offices.<\/p>\n\n\r\n\n
Not \r\neven in person was there any way for someone to answer why a state company uses \r\nthe offshore world. Its offices in Caracas remained closed last Friday due to \r\nthe electricity rationing schedule implemented by the Venezuelan Government. In \r\nany case, there has been no good news about Veniran for a while. The CEO of \r\nIranian state-owned Persian Gulf Petrochemicals Holding Co., Adel Nejad-Salim, \r\nsaid two years ago that the partnership with Venezuela for the construction and \r\noperation of a methanol production plant has been \"partially\" \r\ncanceled.<\/p>\n\n\r\n\n
In \r\na visit to the Persian Gulf coast, former Venezuelan President Hugo Ch\u00e1vez \r\nannounced in 2007, together with his Iranian counterpart, Mahmud Ahmadinejad, \r\nthe construction of a 1.65 million metric ton per year methanol plant in the \r\nIranian energy sector Pars, as well as another twin plant in \r\nVenezuela.<\/p>\n\n\r\n\n
\"This \r\nis the unity of the Persian Gulf and the Caribbean Sea,\" Ch\u00e1vez said before \r\nending that trip. Things, however, did not end as clear. In declarations to \r\nIran's Mehr agency, Nejad-Salim reported on April 28, 2014, that Venezuela \r\ngranted around 60 million Euros to start the Iranian part of the operation \r\ndespite the fact that eight years later there were no results. The Iranian plant \r\nsaid that it could be built in the port of Assaluyeh in the future, while it \r\nshowed no hope about the Venezuelan plant: \"Based on ongoing negotiations, the \r\nconstruction of the plant in Venezuela seems to be \r\ncanceled\".<\/p>\n\n
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