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HYDROCARBONS | After a brief debate

Venezuelan Parliament passes reform of law on oil windfall revenues

Under the law adopted by the legislature, a higher amount of US dollars will have to be delivered to the central bank via oil-related royalties and taxes

EL UNIVERSAL
Wednesday February 20, 2013  05:30 PM
Venezuela's National Assembly on Wednesday passed a partial reform of the Law on Special Contribution for Windfall and Exorbitant Oil Prices in a special meeting that lasted less than one hour.

The bill, introduced by deputies of the ruling United Socialist Party of Venezuela (PSUV) on Tuesday, provides for the redistribution of the tax aliquot and an increase in the delivery of US dollars to the Central Bank of Venezuela (BCV).

The approved reform also empowers the Executive Office to approve exemptions on certain new production and secondary recovery oil projects. 
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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