• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Venezuela will not reform oil law this year, socialist lawmaker says

September 15, 2021 by David Barret Leave a Comment

September 15, 2021

CARACAS (Reuters) – Venezuela’s National Assembly, controlled by allies of socialist President Nicolas Maduro, will not reform the OPEC country’s key hydrocarbons law this year, the president of the Assembly’s energy and oil committee said on Wednesday.

Maduro said earlier this year that the Assembly would consider reforms to the legislation that would allow for “new business models,” after a collapse in crude output due to years of underinvestment and mismanagement and, more recently, U.S. sanctions aimed at Maduro’s ouster.

But Angel Rodriguez, a lawmaker from the ruling United Socialist Party of Venezuela who leads the committee, said his colleagues needed more time to evaluate proposals, receive comments from interested parties, and debate.

“The hydrocarbons law is still on the agenda, but we are receiving the proposals,” Rodriguez told Reuters following a committee meeting. “I don’t think there will be a reform this year.”

The South American country’s opposition has long advocated a greater role for the private sector in the industry, which is dominated by state oil company PDVSA. The current law requires PDVSA to have a majority stake in oilfield joint ventures with private and foreign partners, and grants the company a monopoly on exports.

In July, France’s TotalEnergies and Norway’s Equinor returned their shares in Petrocedeno – one of Venezuela’s most important joint ventures – to PDVSA, becoming the latest in a long string of multinational firms to reduce their presence in the country amid an economic collapse.

(Reporting by Deisy Buitrago; Writing by Luc Cohen and Alistair Bell)

Source Link Venezuela will not reform oil law this year, socialist lawmaker says

David Barret
David Barret

Related posts:

  1. Best gaming chair 2021: the best PC gaming chairs
  2. Soccer-Italy equal European unbeaten record in draw with Bulgaria
  3. JPMorgan backs emerging market stocks after poor run
  4. Clubhouse hires a head of news from NPR to build out publisher relationships

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • What Is An Einstein Cross – And Why Is The Latest One Such A Unique Find?
  • If We Found Life On Mars, What Would That Mean For The Fermi Paradox And The Great Filter?
  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • What Alternatives Are There To The Big Bang Model?
  • Magnetic Flip Seen Around First Photographed Black Hole Pushes “Models To The Limit”
  • Something Out Of Nothing: New Approach Mimics Matter Creation Using Superfluid Helium
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version