Albanisa
{{Short description|Venezuelan-Nicaraguan company}}
Alba de Nicaragua, S.A., better known as ALBANISA is a joint Venezuelan-Nicaraguan operating in Nicaragua, being jointly owned by Venezuelan oil company PDVSA and its Nicaraguan counterpart PETRONIC.{{cite news |last1=Chamorro |first1=Carlos F. |title=The Right to Know About Albanisa |url=https://confidencial.digital/english/the-right-to-know-about-albanisa/ |work=Confidencial |date=April 14, 2016}} Since its inception, it has been accused of criticism and embezzlement.
History
The fund was established in 2007, following Daniel Ortega's return to presidency, and the signing of a joint agreement to bring Venezuelan oil imports to Nicaragua.“The Sea, the Ship, and the Uncertain Course,” Revista Envío, May 2008, Number 322 In late August 2009, the Nicaraguan Energy Institute (INE) signed an agreement with energy provider Unión Fenosa and ALBANISA, which up until then had no experience in the energy industry. Criticism emerged over the 15-year US$500 million deal, citing lack of supervision in the Nicaraguan market.{{cite news |title=Critics Question ALBANISA Energy Deal |url=https://ticotimes.net/2009/09/04/critics-question-albanisa-energy-deal |work=Tico Times |date=September 4, 2009}}
One of its most notable acts was the acquisition of the formerly private television channel TN8 in late 2009, for the sum of US$9.7 million,{{cite web |title=Albanisa: el nuevo emporio (Albanisa: the new emporium) |url=https://archivo.confidencial.com.ni/articulo/21956/albanisa-el-nuevo-empori |access-date=15 November 2021 |website=Confidencial |date=9 June 2015}} as the channel had been indebted since 2000 and had been negotiating with the fund since earlier in 2009.{{cite web |title=Canal 8 se está negociando |url=https://www.elnuevodiario.com.ni/nacionales/63718-canal-8-se-esta-negociando/ |access-date=26 June 2022 |website=La Prensa |date=11 December 2009 |archive-url=https://web.archive.org/web/20191003051957/https://www.elnuevodiario.com.ni/nacionales/63718-canal-8-se-esta-negociando/|archive-date=3 October 2019}} By January 25, 2010, the channel was now under the control of musician and businessman Juan Carlos Ortega, son of Daniel Ortega.{{cite web |title=Canal 8 vendido |url=https://www.elnuevodiario.com.ni/nacionales/66080-canal-8-vendido/ |access-date=26 June 2022 |website=El Nuevo Diario |date=11 December 2009 |archive-url=https://web.archive.org/web/20191002215452/https://www.elnuevodiario.com.ni/nacionales/66080-canal-8-vendido/|archive-date=2 October 2019}}
The company acquired Hotel Seminole in Managua in 2009; it closed on June 15, 2018.{{cite news |title=El Hotel Seminole, parte del grupo Albanisa, cierra operaciones en Managua |url=https://www.laprensani.com/2018/06/21/economia/2438516-hotel-seminole-cierra-operaciones-managua |work=La Prensa |date=June 21, 2016 |archive-url=http://web.archive.org/web/20250117231821/https://www.laprensani.com/2018/06/21/economia/2438516-hotel-seminole-cierra-operaciones-managua |archive-date=January 17, 2025 |language=es}}
ALBANISA created BanCorp in 2015; the bank was acquired by the government in 2019{{cite news |title=Nicaragua Congress approves purchase of bank tied to Venezuela's PDVSA |url=https://www.reuters.com/article/uk-nicaragua-pdvsa/nicaragua-congress-approves-purchase-of-bank-tied-to-venezuelas-pdvsa-idUKKCN1QP03E/ |work=Reuters |date=March 7, 2019}} and was subsequently shut down.{{cite news |last1=Selser |first1=Gabriela |title=Nicaraguan bank sanctioned by US shuts down |url=https://apnews.com/general-news-4e2bf9b28ddd48cba1e57269d0a79740 |work=Associated Press |date=April 25, 2019}}
The US government sanctioned ALBANISA on January 29, 2019 in a tweet that referred the company as "PDVSA's slush fund".{{cite news |title=U.S. sanctions Nicaragua’s petroleum company: U.S. national security adviser |url=https://www.reuters.com/article/business/us-sanctions-nicaraguas-petroleum-company-us-national-security-adviser-idUSKCN1PO2NS/ |work=Reuters |date=January 30, 2019}}{{cite news |title=The lethal blow to the companies owned by the “family”, sanctioned by the US |url=https://confidencial.digital/english/the-lethal-blow-to-the-companies-owned-by-the-family-sanctioned-by-the-us/ |work=Confidencial |date=July 7, 2021}}