Venezuelan congress head Juan Guaido is preparing a groundbreaking reversal of l...
HOUSTON - Venezuelan congress head Juan Guaido is preparing a groundbreaking reversal of late President Hugo Chavez’s energy industry nationalization, allowing private companies a bigger role in its oilfields and shrinking state-run PDVSA, according to opposition advisers and a draft seen by Reuters.
“We need to change the current framework ... we need to open up the oil industry to private investment,” said Ricardo Hausmann, Guaido’s delegate to the Inter-American Development Bank. Speaking at an energy conference in Houston, Hausmann said that PDVSA’s role had to be limited due to its operational and financial weakness.
“The Venezuelan oil industry has collapsed after years of arbitrary policies that turned PDVSA and its subsidiaries into political tools serving the Socialist model,” according to the preamble to the law. Once the law is approved, there would be additional legislation to come for regulating specific aspects of the oil business, according to the draft.
The new proposed law would impose a flexible royalty rate with a minimum of 16.67 percent and maximum of 30 percent, depending on oil prices, removing shadow taxes that increase payments. At present, companies including Chevron Corp are compensated through dividends paid by PDVSA.
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