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
The El Perú police station, in El Callao municipality, south of Bolívar state, south Venezuela, came under sustained fire with more than 100 bullets smacking into its walls. According to police records, a gang of 15 gunmen identified as members of the so-called "mining unions" arrived on motorbikes in the evening of August 23 and began opening fire on the police station. They intended to get back a belt pack containing guns, bullets and memory storage devices.