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      Coinbase Co-Founder Fred Ehrsam Invests in Venezuelan Oil Industry

      Fred Ehrsam, co-founder of cryptocurrency exchange Coinbase, is making a significant investment in Venezuela's oil sector through his new startup, Primavera. Ehrsam has described the venture as an "excellent opportunity," likening it to rare investment prospects that have previously propelled him into billionaire status.

      Primavera has recently secured multiple contracts with Petróleos de Venezuela S.A. (PDVSA), the state-owned oil company, and is set to take over operations of several oil fields in the country. This move marks a notable entry into the oil market for Ehrsam, who is leveraging his personal funds for the initiative.

      To support the development of conventional oil and heavy crude production, Primavera has recruited experienced professionals from major oil companies such as Chevron and Occidental Petroleum. This strategic hiring aims to establish the necessary infrastructure for successful oil extraction and production in Venezuela.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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