Privatizations

Caracas, April 23, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez has established a commission to assess the “strategic” value of state-owned assets and their possible transfer to the private sector.

The Commission for the Evaluation of Public Assets held its first meeting on Wednesday. In a short televised message, Rodríguez said the commission had the purpose of bringing “agility and modernity” to the Venezuelan state.

The acting president announced that Venezuelan state assets would be divided into four categories: strategic ones to remain under state control, “strategic alliances” where the state retains ownership but management is turned over to the private sector in concession-type deals, “non-strategic” assets to be fully privatized; and assets to be liquidated or reincorporated elsewhere.

“The purpose of this commission is to elevate Venezuela’s productivity levels, so that the Venezuelan state can be robust and attend to the strategic aspects of the nation,” she said.

The commission includes Economic Sector Vice President Calixto Ortega, Finance Minister Anabel Pereira, Industry Minister Luis Villegas, State Solicitor Arianny Seijo, Communes Minister Ángel Prado, as well as Luis Pisella, former president of industry guild CONINDUSTRIA, representing the private sector.

Former Venezuelan President Hugo Chávez spearheaded a nationalization campaign in the 2000s to impose state control of key economic areas such as oil, electricity, telecoms, banking, and the heavy industries.

In recent years, with the economy heavily targeted by US sanctions, the Nicolás Maduro government expanded “strategic alliances” with the private sector, particularly in the Venezuelan countryside. However, campesino organizations have denounced that the private takeover of companies that formerly supplied seeds, inputs, and tractors has significantly raised costs for small-scale producers. Strategic alliances in sugar mills have also drawn complaints of companies defrauding sugar cane growers.

The Cisneros Group, one of Venezuela’s largest private sector conglomerates, has recently announced plans to raise over $1 billion in funds ahead of potential sell-offs of state assets.

Elias Ferrer Breda, financial analyst and director of Orinoco Research, told Venezuelanalysis that he foresees privatizations in basic industries such as steel and cement.

“In my view, we will see virtually all the industries that are running at low capacity and without turning profits privatized,” he predicted. “We are talking about industries like steel and cement, but also other sectors like hotels or agricultural land.”

Ferrer affirmed that state companies currently under strategic alliances, such as sugar mills or Ferrominera Orinoco, an iron-ore complex presently managed by India’s Jindal Steel, could continue under similar deals as opposed to being sold outright.

“Where investors have mostly expressed an interest is in extractive industries: oil and mining,” he added. Ferrer additionally claimed that US “strategic and business interests” are likely to pursue control over Venezuelan critical mineral reserves, which are not presently certified.

Rodríguez had unveiled the commission to evaluate state assets in an April 9 presidential address. The acting leader also set in motion efforts to reform Venezuela’s labor, tax, and pension legislation. The Venezuelan National Assembly has recently approved pro-business overhauls of the country’s hydrocarbon and mining laws.

Caracas reestablished dealings with the International Monetary Fund (IMF) and the World Bank on April 16. On Wednesday, Rodríguez disclosed a conversation with IMF Managing Director Kristalina Georgieva and stated Caracas’ priority in unblocking around US $5 billion worth of Special Drawing Rights to improve public services such as electricity and water supply.

For her part, Georgieva acknowledged a “very valuable and productive call” and that the next steps include IMF “policy advice and capacity development.”

Venezuelan leaders have vowed that there are no plans to incur IMF debt. However, the Caribbean nation could soon face pressure from creditors looking to collect on a massive external debt, with unpaid loans, defaulted bonds, and international arbitration awards totaling as much as $170 billion with accrued interest.

On April 16, the so-called Venezuelan Creditor Committee held talks with US officials amid efforts to secure a license to engage in debt negotiations with Caracas. The committee includes Fidelity Management & Research Company LLC, Morgan Stanley Investment Management, Greylock Capital Management, and others.

Since the January 3 US military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has seized control of Venezuelan oil revenues while issuing licenses to grant Western corporations favorable access to the Caribbean nation’s energy and mining sectors.

Edited by Lucas Koerner in Fusagasugá, Colombia.