Reform of the law on oil windfall revenues enacted
Upon the reform of the law, the Central Bank of Venezuela will receive additionally USD 2.47 billion in oil revenue
The reform, passed at a special meeting at the National Assembly on Wednesday, provides that oil-related contributions to the National Development Fund (Fonden) shall be made whenever the price of the oil barrel exceeds USD 80, rather than USD 70, as provided before the reform. Consequently, Venezuelan state-owned oil company Pdvsa and the Central Bank of Venezuela (BCV) will receive a higher flow of petrodollars.
Official estimates indicate that the sale of US dollars to the central bank will spike to USD 2.47 billion this year because of the reform. Meanwhile, Pdvsa will manage additional USD 1.6 billion.
Translated by Jhean Cabrera
Alarmed because of the emotional breakdown suffered by his ally and his destiny; Fidel Castro requested asylum for deceased Venezuelan President Hugo Chávez in Madrid back on April 11, 2002. "The story had been much darker and more entangled than what some people's imagination has wanted to believe in and disclose," former Spain's President, José María Aznar, upholds in his autograph book published by late 2013.