VENEZUELAN POLITICAL AND ECONOMIC
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VENEZUELAN POLITICAL AND ECONOMIC. VENEZUELAN POLITICAL AND ECONOMIC. General Overview. Political Situation:. 1998 : Hugo Chávez elected with 80% of votes 1999: New Constitution: V Republic 2002: Latest polls indicate popular support at less than 30%.

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VENEZUELAN POLITICAL AND ECONOMIC

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Venezuelan political and economic

VENEZUELAN POLITICAL AND ECONOMIC

VENEZUELAN POLITICAL AND ECONOMIC

General Overview


Venezuelan political and economic

Political Situation:

1998: Hugo Chávez elected with 80% of votes

1999: New Constitution: V Republic

2002: Latest polls indicate popular support at less than 30%


Venezuelan political and economic

Political: route to a transition, as a result of:

  • Pressure from:

  • Civil society (NGO’s)

  •  Federation of Labor Unions

  •  Federation of Chambers of Commerce and Industry  Political parties (in the process of restructuring) Military group

  • International Mediation: GTT: OAS, UNDP and Carter Center

  •  On November 8th under Chairmanship of Mr. Gaviria, OAS’President a negotiation Round Table composed by 12 memebers started discussions to solve the political crisis

  • Constitution: Allows referendum by August 2003


Venezuelan political and economic

Economic Remarks:

 Increase of the oil income

 Country’s ability to deal with its external debt: High

level of international reserves

Areas of Concern:

 Increased cost of internal debt: fiscal deficit covered by

devaluation

 Improve tax collections;

Improve control of public expenditures


Venezuelan political and economic

BUSINESS OPPORTUNITIES

GAS

OFF-SHORE

DELTANA PLATAFORM PROJECT:

 AS MINORITY INVESTORS (LICENSEES).

 AS INDEPENDENT CONTRACTOR / OPERATOR / CARRIER OF THE GAS PIPELINE.

 AS INDEPENDENT CONTRACTOR / OPERATOR / SHAREHOLDER OF THE GUIRIA LNG PLANT.

 AS SERVICES CONTRACTOR.

MARISCAL SUCRE PROJECT:

AS INDEPENDENT CONTRACTOR / SERVICES PROVIDER.


Venezuelan political and economic

BUSINESS OPPORTUNITIES

GAS

INLAND

DOMESTIC DEFICIT / NATIONAL CONSUMPTION:

NEW GAS FIELDS

EXPANSION PLANS

OIL GAS FIELDS (ANACO) UPGRADE

PDVSA OPERATIONAL DEFICIT:

 WEST/EAST GAS PIPELINE.

 OIL SUBSTANCES AS REPLACEMENT OF INJECTED GAS.

 GAS INDUSTRIALIZATION / PROCESSING / CHEMICAL AND PETROCHEMICAL.

DOMESTIC / RESIDENCITAL / COMMERCIAL:

 REGIONAL DISTRIBUTION NETWORK (DELAYED).


Venezuelan political and economic

BUSINESS OPPORTUNITIES

GAS

PLANS

NATIONAL PRODUCTION INCREASE:

2.4 Mbd (2002) - 3.4 Mbd 2008)

 LIGHT CRUDES (EXPLORATION).

 PRODUCTS DEVELOPMENT FROM UPGRADED CRUDE (ORINOCO BELT)

 POTENTIAL 5TH. PROJECT.

 POTENTIAL BUILDING OF 3RD. AND 4TH. ORIMULSION MODULES.

 CARBON (CARBOZULIA) / PORT AND TRANSPORT INFRAESTRUCTURE

UPGRADE.

 NEW REFINERY.


Venezuelan political and economic

- POST TRANSITION

  •  Restructuring and reinforcement of the democratic political

  • parties.

  •  More political participation of citizen

  •  Reinforcement of the democratic political system: better

  • checks and balances


Venezuelan political and economic

- POST TRANSITION

  • More stable and convenient Legal Environment

  • - Law to Promote and Protect Private Investments: in

  • addition to Bilateral Investments Treaties

  •  Equal Treatment

     Right to transfer funds

     Dispute Resolution

     Juridical Stability Contracts

    - It is expected the execution of bi-lateral

    investment treaty during this period

    - US Investments can obtain investment guarantees from OPIC


Venezuelan political and economic

More stable and convenient Legal Environment:

 Modern Telecommunications and Energy Laws

 E- Commerce: Electronic Messages and Signatures

 Electronic Crime

 Concessions Law: advantages to investors who finance or

commit to obtain financing of projects

 Commercial Arbitration

 Double Taxation Treaties with numerous countries

 New Gaseous Hydrocarbons Law

 New Organic Hydrocarbons Law


Venezuelan political and economic

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