Key Facts

• The Batista brothers, who are billionaires from Brazil, have acquired a stake in an oil production project in Venezuela through their company, Fluxus, in a deal that marks a significant development in the country's oil industry.
• The acquisition involves a joint venture with Petróleos de Venezuela S.A. (PDVSA), the state-owned oil company of Venezuela, which has been subject to years of sanctions imposed by the US government.
• The deal is the latest in a series of investments in Venezuela's oil sector, which is a crucial component of the country's economy, and comes as the Trump administration is seeking to reinvigorate the country's economy after years of sanctions.