The political crisis in Venezuela comes at a time when most Catalan companies, excluding large multinationals, had already ceased operations. The latest official figures indicate that about 60 Spanish companies are established there, with annual exports far from 200 million euros.
The energy and financial sectors are the ones that maintain the most interest. Repsol, for example, continues to manage gas fields and receive oil as payment, despite having reduced its exposure and fully provisioned the risks.
“"If one sector is always going to be protected by any ruler or system that takes the reins of Venezuela, it is the energy sector. The total dependence on it is one of the best shields for a company like Repsol."
In the financial sector, BBVA maintains control of Banco Provincial, with minimal impact on its global results. Furthermore, the situation focuses attention on Juan Carlos Escotet, president of Abanca, whose name has been linked to a possible corporate operation with Banco Sabadell.
Other large groups like Telefónica are in the process of total divestment from the region, with the planned exit from Venezuela, Mexico, and Chile before 2030. The tourism sector, with Hesperia managing half a dozen establishments, is also heavily affected by the growing instability.
