EFE
La Venezuela de la líder chavista Delcy Rodríguez, quien asumió como presidenta encargada tras la captura de Nicolás Maduro hace un mes por EE.UU., ha cedido el control estatal sobre la actividad petrolera del país para abrir las puertas al capital privado y extranjero, al reformar, de manera sustancial, la Ley Orgánica de Hidrocarburos, una […]
TL;DR
- Venezuela has substantially reformed its Organic Hydrocarbons Law.
- The reforms open the state-controlled oil sector to private and foreign capital.
- Analysts view this as a dismantling of former President Hugo Chávez's oil policies.
- The National Assembly, controlled by Chavismo, unanimously approved the reforms.
- Previous laws under Chávez increased state participation and control over oil activities.
- Former Minister Rafael Ramírez states the reform "reverses" and "eradicates" Chávez's oil policy, calling it a "derogation."
- Ramírez argues Venezuela will lose control over production, sales, and pricing, representing a "tremendous setback in terms of sovereignty."
- The State's royalty participation can now be reduced based on the project, favoring transnational companies with minimal royalties.
- Private companies domiciled in Venezuela can now conduct primary oil activities, not just state entities.
- Commercialization activities are no longer exclusively state-run.
- Economist Manuel Sutherland notes the reforms clash with Chávez's statist oil nationalism.
- Sutherland attributes the reform to "very high pressures from investors" seeking safer investments and greater legal guarantees.
- Both Ramírez and Sutherland criticize the "express" and "reduced" consultation process for the reform, deeming it lacking deep discussion and potentially unconstitutional.
- Ramírez believes the law lacks legitimacy due to its speed and potential constitutional violations.