CARACAS, Wednesday February 20, 2013 | Update

Venezuelan Congress seeks reform of law on oil windfall revenues

The bill submitted by the Venezuelan Parliament's Secretariat was okayed by the Finance Committee with no modifications whatsoever

The second reading of the draft reform is taking place on Wednesday afternoon (File photo)
Wednesday February 20, 2013  04:14 PM
The Venezuelan National Assembly's Finance Committee approved in a first reading the bill put forward by the National Assembly's Secretariat seeking the reform of the law on oil windfall revenues.

The proposal was approved with no objections whatsoever. Ruling party legislators in the finance committee suggested holding a second discussion in the plenary session.

Opposition deputies, however, claimed that the bill failed to comply with all the constitutional procedures of public consultation. They argued that it was only posted on the National Assembly's website on Tuesday, and that the financial contributions set forth in the reform are intended to create a fund similar to the National Development Fund (Fonden), rather than establish a savings fund to prevent any macroeconomic disturbances.  

The second reading of the bill is taking place on Wednesday afternoon in a special meeting convened for such purpose.

Translated by Jhean Cabrera
The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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fotter Estampas
fotter Estampas