Maduro reactivates Venezuela's oil sector under anonymity

Business

By CAPosts 22 November, 2020 - 08:00am 32 views

UNITED STATES.- Faced with the strong sanctions imposed by the United States, the president of Venezuela, Nicolas Maduro, decided to reactivate the oil sector to attract new investments under anonymity, specifically from China.

© moneyenimagen.com Nicolas Maduro decided to reactivate the oil sector to attract new investments under anonymity. Photo: Reuters

Specialists consider that the so-called Anti-Blockade Law, presented by Maduro himself and approved by the Constituent Assembly, represents the beginning of the privatization processes without a comptroller. However, there is fear that this will unleash corruption.

The Anti-Blockade Law allows everything, let's do it! "Maduro said days ago, boosting private investments in the energy field to" counter "the battery of United States sanctions, which includes an oil embargo in force since April 2019.

This norm gives Maduro extraordinary powers, even to have the function of approving privatizations or opening schemes under anonymity. This would protect individuals or companies seeking to negotiate with their government, challenging US government restrictions.

This law allows the governor to restrict legal norms, before the effects of sanctions. It also declares all the acts derived from its execution, without establishing a mechanism for accountability

It is important to mention that the state oil company PDVSA is experiencing its worst moments since the nationalization of the energy sector more than four decades ago

Crude production in Venezuela it reached 3.2 million barrels a day 12 years ago. In recent months, it has registered a lower level of 400 thousand barrels per day, falling back to levels of the 1930s.

Having the largest oil reserves in the world, Venezuela has had to resort to ships loaded with gasoline and derivatives from Iran to alleviate an acute Fuel shortage

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