HOUSTON - Venezuela’s interim government led by congress head Juan Guaido is preparing new legislation to reverse late President Hugo Chavez’s energy industry nationalization, allowing private companies a bigger role in its oilfields and shrinking state-run PDVSA, according to sources and a draft seen by Reuters.
Under the proposal, which is expected to be released in coming days, private firms could choose to run the day-to-day operations of Venezuelan oilfields, a sharp departure from the Chavez era in which foreign companies could only be minority shareholders and were not granted operational control. “The Venezuelan oil industry has collapsed after years of arbitrary policies that turned PDVSA and its subsidiaries into political tools serving the Socialist model,” according to the preamble to the law.
“All hydrocarbon reservoirs can be part of an auction to be decided by Venezuela’s Hydrocarbon Agency,” the draft says.Venezuela’s National Assembly is expected to discuss the draft in the coming months, according to the sources. Once it is approved, there would be additional legislation required to fully reform the oil industry.
Chavez led a long nationalization wave that expropriated ConocoPhillips and Exxon Mobil Corp operations. Those two and others have won billions of dollars in international arbitration claims. “The collapse of public finances on top of the demands from a complex humanitarian emergency stop the state from taking responsibility for all the investment,” the proposed law says.
Muduro will have to put explosive charges on all Oil rigs. The CIA & Oil Industry might slow their roll if their objectives are threatened. End Muduro end what you disire most!
But is he in Venezuela? Lmao CIA Oil Industry agenda starve Venezuelas blackout their cities and retrieve the oil rigs and lost revenue... Seems Guiado has sided with an enemy of the state and therefore is a traitor to his own people.
What no one wants to think of is Mugabe to Managagwa. Different man same policies. Maybe this is gradual but PDVSA is rotten to the core. Guaido needs to be much more radical. Copy the USA/ France/ Germany not Mexico or Uruguay.
Te autor Like Augusto Pinochet
Mmmm very interesting. Oil is on the agend for sure, probably first on the list. Am I wrong?
They lied about Iraq They lied about Haiti They lied about Sudan They lied about Afghanistan They lied about Libya They lied about Syria They lied about Yemen They lied about Pakistan They lied about Iran They lied about Somalia prob telling truth bout Venezuela tho 🙄❓UN AP
The question now should be, Who would bet on Venezuela?
Who exactly is he giving these orders to? Venezuelan Supreme Court denounced him and Venezuelan parliament or Military doesn't support him either. He's barking at a wall with orders from Washington DC.