Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Venezuela's socialist-held congress to ratify 'anti-blockade' law, official says

CommoditiesApr 26, 2021 08:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

CARACAS (Reuters) - Venezuela's socialist-held National Assembly will ratify a law passed last year by a separate legislative body that let the government confidentially sign deals with private firms because of U.S. sanctions, congressional chief Jorge Rodriguez said on Monday.

The "anti-blockade" bill was passed last October by the National Constituent Assembly, a parallel legislature that was dissolved last year after allies of President Nicolas Maduro won control of the National Assembly, previously held by the opposition.

Sources told Reuters at the time that the main purpose of the law was to attract greater private investment in the OPEC nation's crucial oil sector, using confidentiality to shield partners from potential U.S. sanctions. Washington blacklisted state oil company PDVSA in 2019 to try to oust Maduro.

"The anti-blockade law grants much more security to investors that feel worried in some way due to the conditions derived from the sanctions and the blockade," Rodriguez told Reuters in an interview from the legislative palace.

"Without a doubt, that will generate more dynamism in private capital in oil investment," Rodriguez said.

Venezuela's crude output has collapsed in recent years due to underinvestment and mismanagement at PDVSA, whose full name is Petroleos de Venezuela, and, more recently, U.S. sanctions. The opposition has long argued that the country's hydrocarbons law should be reformed to boost private investment.

Since allies of Maduro's ruling United Socialist Party of Venezuela took over the legislature, the National Assembly has published an agenda to reform some 35 laws, including the country's hydrocarbons law, as well as laws regulating the natural gas and mining sectors.

When asked about the plans to reform the hydrocarbons law, Rodriguez said the congress may reform laws that have "some degree of obsolescence."

"But for the major issues addressed by the anti-blockade law, it is more expeditious that the National Assembly by way of an agreement ratify the anti-blockade law by way of decree," he said.

Venezuela's opposition widely boycotted last December's legislative elections, arguing the vote was not free or fair. The United States, the European Union and several Latin American countries did not recognize the results.

Venezuela's socialist-held congress to ratify 'anti-blockade' law, official says
 

Related Articles

Crude Oil Edges Higher; Mixed Covid News
Crude Oil Edges Higher; Mixed Covid News By Investing.com - Jul 27, 2021 1

By Peter Nurse    Investing.com -- Crude oil prices edged higher Tuesday, stabilizing after Monday’s fall on optimism the global demand recovery will overshadow a resurgence in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email