Venezuela Ratifies 'Anti-blockade' Law Aimed at Helping Oil Sector


May 14, 2021
Credit: Maksym Yemelyanov/AdobeStock

Credit: Maksym Yemelyanov/AdobeStock

 Venezuela's Socialist party-controlled National Assembly on Thursday ratified an "anti-blockade" law, as President Nicolas Maduro seeks to attract private investment to boost the OPEC nation's struggling economy despite U.S. sanctions.

The law, which applies to the country's key oil sector, allows companies to sign deals confidentially to avoid being sanctioned themselves.

"This constitutional law aims to establish a special framework that provides new tools to the Venezuelan public sector," said Socialist party lawmaker Ramon Lobo.

The law had been approved previously by the National Constituent Assembly, a separate legislative body that was dissolved after allies of Maduro won control of the National Assembly.

Jorge Rodriguez, a Maduro ally and speaker of the National Assembly, told Reuters in an interview last month that the Congress would ratify the law. 

(Reporting by Deisy Buitrago and Mayela Armas; Writing by Luc Cohen; Editing by Leslie Adler)

No comments

More Popular Posts

About Crude Oil Brokers Ltd

Crude Oil Brokers Ltd is a dedicated global broker and facilitator of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Brokers, click here ». To learn more about Crude Oil Brokers Ltd, click here

Crude Oil Brokers