The Venezuelan parliament, controlled by Chavismo, approved this Thursday (29) a reform of the Hydrocarbons Law, promoted by interim dictator Delcy Rodríguez, to attract foreign investment amid the new scenario after the capture of dictator Nicolás Maduro, who placed oil among the priorities in the relationship between Caracas and Washington.
Unanimously, the proposal presented on January 15th received legislative approval in its second discussion – this time article by article.
Delcy Rodríguez, who hours later signed the document she received from her brother and President of Parliament, Jorge Rodríguez, amid a march in support of oil workers, argued that the law “carries the mark of Comandante Chávez” and “the President’s vision of the future [ditador] Nicolás Maduro”, who remains detained in New York accused of drug trafficking.
The parliamentary debate took place on the same day that President Donald Trump and Delcy Rodríguez, who was sworn in as interim president on January 5, spoke by phone.
Trump announced the opening of “all commercial airspace” in Venezuela, which will allow the resumption of commercial connections, interrupted since November last year.
“We are talking about ending restrictions on Venezuela’s commercial airspace, allowing in all the airlines that need to come and all the investors that need to come in,” Rodríguez told hundreds of protesters who concluded their oil protest in front of the Miraflores presidential palace.
Trump administration lifts trade restrictions
In addition to announcing the resumption of flights, the Trump administration also issued a general license suspending sanctions on some commercial transactions with the Venezuelan regime and PDVSA, opening the way for American oil companies to operate in the country and establishing the rules of the game for this new commercial phase between Caracas and Washington.
The permit represents a change from previous White House policy, which granted permits only on an individual basis, like the one Chevron has.
However, it imposes conditions, such as the requirement that payments to Venezuelan entities be made through a bank account controlled by Washington, since contracts between American companies with Caracas or PDVSA are governed by US law, where any dispute between the parties will also be resolved.
The law also prohibits payment terms that the U.S. deems “unreasonable,” as well as debt swaps, payments in gold or transactions involving individuals or companies located in Russia, Iran, North Korea or Cuba.
