National Assembly approves agreement between Pdvsa and Gazprom

Venezuela's National Assembly gave a final approval to the agreement between Venezuelan Petroleum Corporation (Corporación Venezolana de Petróleo), a subsidiary of state-run oil company Petróleos de Venezuela (Pdvsa), and Gazprombank Latin America Ventures for the creation of a joint venture in the Orinoco Oil Belt.

Under the agreement, Pdvsa will own 60% of the venture and the Russian oil company will own 40% of the firm. The joint venture comprises an area of 21,236 square miles, in the states of Anzoátegui, Monagas and Guárico.

The deputies also approved in a first reading a reform of the Organic Law on the Financial Administration of the Public Sector, at a regular session of the National Assembly.

The reform of the law is aimed at expanding the number of government entities that may process payment orders at the National Treasury.