Venezuela Sees US$76 Billion Oil Investment
Delcy Rodríguez said Venezuela's oil industry will get almost US$76 billion in five years, citing 17 deals with the US and 324,000 jobs in a decade. The post Venezuela Sees US$76 Billion Oil Investment appeared first on The Rio Times .
Venezuela plans to attract nearly US$76 billion in oil investments over the next five years, according to acting President Delcy Rodríguez. The funds would provide direct benefits to the country's economy, with an estimated US$15 billion per year if distributed evenly. The agreements involve 17 oil fields and have been signed by Washington, with the aim of reducing fuel costs in the United States.
Rodríguez highlighted the historic nature of the binational agreement and emphasized the legal security it offers to investors. She also mentioned that the new Hydrocarbons Law provides flexible tax and royalty structures, as well as an arbitration regime for investor disputes. The president announced that the agreements would create approximately 324,000 jobs within ten years, covering various sectors of the national economy.
She stressed that each contract must specify a national supplier and the number of Venezuelan workers employed. The government plans to monitor the enforcement of these contracts closely.
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