Suelopetrol says it has not been notified of Chevron's expansion at Venezuela joint venture

April 14 (Reuters) - The international arm of Venezuelan oil producer Suelopetrol said on Tuesday it has received no notice of a shareholders meeting or resolution authorizing U.S. Chevron CVX.N to increase its stake in a key Venezuela project to 49%.

Chevron this week signed two agreements with Venezuelan authorities granting it rights to expand one of its oil joint ventures with state-run PDVSA in the Orinoco Belt and increase its stake in another project to 49% from 35.8%.

Chevron's asset swap, which also included the return of gas and crude blocks to Venezuela that the company is no longer interested in, comes as the government of interim President Delcy Rodriguez struggles to have new regulation and contract models for the industry approved.

Suelopetrol, which according to terms of a 2024 extension of the joint venture owns 1% of the Petroindependencia project and could expand to up to 3% if the structure changes, said it is entitled to a complete account of the share transfer and a disclosure of current shareholding in the project in Venezuela's Orinoco Belt.

The recent decisions affecting the joint venture are a cause of concern about corporate governance, Suelopetrol said in a release.

"At a time when Venezuela seeks to re-engage international capital, transparency, legal certainty, and the protection of duly acquired rights are essential to building investor confidence and ensuring sustainable sector development," it added.

Chevron said it "complies with all laws, rules, and regulations applicable in every country where it operates, including Venezuela," and referred questions on Suelopetrol's stake to PDVSA's subsidiary CVP and Venezuelan authorities.

PDVSA and the oil and communications ministries did not reply to requests for comment.

As Rodriguez's administration tries to attract investors, many PDVSA partners with dormant stakes or that no longer have a presence in the country could end up excluded from projects, experts have said. The means for cash-strapped Venezuela to compensate them for any ownership changes are unclear.

Suelopetrol said it has fulfilled all financial obligations.