Mercuria Energy Group has entered into a series of strategic offtake agreements with Heeney Capital, targeting bulk commodities and gold projects in Venezuela. This initiative aims to revitalize Venezuela's energy and mining sectors and was formalized at Miraflores Palace in Caracas with Mercuria's managing director, James Gilbert, in attendance. The agreements, which emerged from a high-level delegation visit involving US officials, are expected to unlock approximately $2.2 billion in annual mineral export value. This collaboration reflects broader international efforts to support Venezuela's economic recovery and secure supply chains for critical materials while aligning with US strategies to promote responsible investment in the region's extractive industries.

The US Treasury (OFAC) has issued new licenses lifting major sanctions on Venezuela’s gold and mining industries, including state-owned miner Minerven. Following the 2026 political shift in Caracas, this move allows companies to resume investments, provide technical services, and sign contracts. The policy aims to secure global access to Venezuela's vast reserves of gold, bauxite, and rare minerals essential for high-tech supply chains.