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
1998: Hugo Chávez elected with 80% of votes
1999: New Constitution: V Republic
2002: Latest polls indicate popular support at less than 30%
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
Improve tax collections;
Improve control of public expenditures
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.
DOMESTIC DEFICIT / NATIONAL CONSUMPTION:
NEW GAS FIELDS
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).
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
Right to transfer funds
Juridical Stability Contracts
- It is expected the execution of bi-lateral
investment treaty during this period
- US Investments can obtain investment guarantees from OPIC
Modern Telecommunications and Energy Laws
E- Commerce: Electronic Messages and Signatures
Concessions Law: advantages to investors who finance or
commit to obtain financing of projects
Double Taxation Treaties with numerous countries
New Gaseous Hydrocarbons Law
New Organic Hydrocarbons Law
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