Reform of the Hydrocarbons Law will guarantee foreign investment

Reference photo

The vice president of the Permanent Commission on Energy and Petroleum of the National Assembly, Deputy Rodolfo Sanz, pointed out that the reform to the Hydrocarbons Law provides for the participation of the foreign private sector in oil production and will add to the broad powers that in this regard It also offers the Antiblocking Law.

Sanz emphasized that at no time has the privatization of the oil industry been considered and what can be developed are associative forms that allow the participation of investors in the oil business, as is currently the case, according to statements published by the AN's web portal.

He said that "in times of crisis and the need for investment, the schemes could be changed, without reaching privatization" and recalled that the Government has never refused the participation of the private sector in the oil production process.

The aforementioned reform is part of the legislative agenda of the Commission chaired by Sanz, while the Anti-Blockade Law, which empowers the President of the Republic to make decisions on financial matters, also allows the development of a set of economic operations aimed at maximizing the crude oil production.

He added that Venezuela is advancing with very firm steps towards the stabilization of the domestic fuel market, some 80 thousand barrels per day of gasoline and 50 thousand of diesel thanks to the efforts of the workforce in the recovery of the refining processes.

"A very interesting job is being done there, where the protagonists are the workers who know the refining plant and who with their effort and creativity have put it to work," he stressed.



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