The proposed amendment would reopen Venezuela’s oil servicing sector to private capital, prohibit further expropriations, and mandate the state pay compensation within 180 days.
Venezuela’s Supreme Court announced that it would hear a lawsuit filed by former high ranking cabinet members against a government plan to open 12 percent of the South American nation’s territory to open-pit mining.
At least five people in the United States have now pleaded guilty to charges linked to a bribery scandal centred around Venezuelan state oil firm PDVSA, according to reports Wednesday.
The economic initiatives include changes to the country’s multi-tiered exchange rate, a rise in the domestic price of gasoline, the implementation of a new tax system, and placing more power over food distribution in the hands of organised communities.
Twice presidential candidate for the Venezuelan opposition Henrique Capriles Radonski has revealed that he has proposed a “padlock” law to the incoming opposition parliamentary bloc in the National Assembly. The legislation would prevent the government from negotiating further international oil treaties with other countries.
Washington warned Caribbean nations Wednesday that the United States would be unable to supply them with oil in the event that that Venezuela’s newly elected opposition-controlled parliament cuts off the flow of subsidized petroleum under the PetroCaribe program.
Venezuelan President Nicolas Maduro has announced that his government will review its diplomatic ties to the US, after a leaked document revealed that the National Security Agency had spied on officials at Venezuelan state oil company PDVSA.
