ESPACIO PUBLICITARIO
CARACAS, Thursday February 21, 2013 | Update
 
|
share
|
PUBLIC FINANCE | Published in Official Gazette No. 40114

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

Venezuelan state-run oil company Pdvsa will manage additional USD 1.6 billion (File photo)
EL UNIVERSAL
Thursday February 21, 2013  04:34 PM
The reform of the Law on Special Contribution for Windfall and Exorbitant Oil Prices was enacted on Thursday, as it was published in Venezuela's Official Gazette No. 40114.

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
|
share
|
ADVERTISING SPACE
Dossier
This is all there is

A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

 Ranking
  •  Read 
 
fotter clasificados.eluniversal.com Estampas
Alianzas
fotter clasificados.eluniversal.com Estampas
cerrar