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Venezuela Reaffirms Sovereign Control of Oil Revenue as Deals Advance (www.telesurenglish.net)
submitted 1 day ago by to c/news@hexbear.net
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“No foreign agency or international financial entity administers or safeguards the public funds that enter the country from hydrocarbon sales,” National Assembly President Jorge Rodriguez said.

Rodríguez detailed that the money enters the public treasury under the supervision of authorized national banks, and he ruled out any external trust or any management of accounts by third parties outside the country’s institutions. In this sense, he called autonomy over foreign currency “a non-negotiable principle” for the country’s macroeconomic stability.

71 agreements are currently in force, while another 44 contracts are being negotiated. For the government, that volume confirms an operational momentum geared toward diversifying investment across the country’s main extraction fields.

The National Assembly President presented this dynamism as the result of a deliberate push to reopen the sector to international capital without surrendering control. Over the past several years, sweeping financial measures limited Venezuela’s ability to sell crude, collect payments and maintain production infrastructure. The current wave of deals represents a step-by-step return to commercial activity.

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[–] 1 point 7 hours ago* (last edited 6 hours ago) (1 child)

The article contains details of the financial control of the deals, which is not controlled by or in Venezuela. Sure they MAY get a decimated crumb of a cookie.

People need to man the rigs and desperate Venezuelans with no enforceable wage rights under the deal are far more cheaper than importing Americans.

It does not, however, explicitly guarantee that Betancourt’s company is obligated to pay the estimated $200 billion in royalties and tax payments to Venezuela that the White House has said would benefit the country.

  • A Pentagon office has been tasked with someday executing the financial transaction to capitalize on the U.S. government’s 35% share in the venture. The document shows that the U.S. will pay nothing upfront but plans to acquire its stake in Betancourt’s company by paying $0.01 per warrant share. Those terms are set to expire on the 75th anniversary of the closing date.

Venezuela can’t challenge the deal in its own courts. The agreement dictates that any conflict between the company and the United States must be settled under U.S. law, not Venezuela’s. The two sides even spelled out that any civil case or arbitration must be argued before the United States District Court for the Northern District of Texas, where Trump’s Justice Department has turned, time and again, for favorable rulings.

Where U.S. law does not apply, Texas state law governs, the agreement states

If there are no guarantees to deliver the tax, royalties, agreed wages, and any dispute is controlled by a corrupt judge in Texas, can you can help me out with the "Reading comprehension" in how Venezuela can enforce any of the terms?

It just seems ,like the Venezuelan officials are gaslighting the country so the people don't revolt when they realize what this deal is. not-immune-to-propaganda

The oil deal is sensitive partly because of likely resistance in Venezuela, where critics have already described it as a U.S. takeover of the country’s precious natural resources.

A ProPublica analysis shows that its terms favor American interests at nearly every turn and try to enshrine the Trump administration’s imprint indefinitely. 

The document states that a majority of the seven-member board must be U.S. citizens at all times, and the U.S. government can appoint one “non-voting observer” to join the group. Betancourt, who will serve as the chief executive, is the only board member named by the agreement.

But ya know....reading comprehension issues or something.

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  • [–] 2 points 6 hours ago* (last edited 6 hours ago)

    The article contains details of the financial control of the deals, which is not controlled by or in Venezuela.

    You are right, the deal between the US and a company in Barbados has nothing to do with control by Venezuela. A contract between a US company and a company in Barbados wouldn't have any information about control by Venezuela, since that has nothing to do with their deal.

    If there are no guarantees to deliver the tax, royalties, agreed wages, and any dispute is controlled by a corrupt judge in Texas, can you can help me out with the "Reading comprehension" in how Venezuela can enforce any of the terms?

    The deal between the US company and the Barbados company shouldn't have any information about guarantees of tax, royalties, agreed wages, or disputes involving Venezuela because it isn't a deal with Venezuela. It is a deal with a US company and a company in Barbados. This is saying that if there are disputes between "the company" (NABEP, a company in Barbados) and the US, they need to be arbitrated in Texas. This literally has nothing to do with Venezuela, if you just... read the article. Do you think China should be involved with the contracts between Walmart and Brazil because Walmart sells Chinese products? Do you think the US is a part of contracts between Tofu companies in China and grocery stores in Thailand because the soybeans come from the US?

    Again, tragic reading comprehension. Embarrassing to be so boldly wrong about something so blatantly written. Venezuela literally can't enforce terms of a contract between two non Venezuelan companies, but you are asking how do they do that? Why are you so confident about something you have so little information in? Why are you dedicated to putting forth misinformation and false narratives about something you can't even comprehend by reading it right in front of you? What motivates you to talk so much about something you have not investigated?

    It just seems ,like the Venezuelan officials are gaslighting

    It's ironic because you are here gaslighting us about what this article says and what is really going on in Venezuela, luckily I can read or else I would be as easily tricked as others here. You read headlines and editorializing from liberal rags and bourgeois institutions and take their words at face value, not actually checking where they are getting their information, what their bias or motivation is, or what may contradict their positions. The article itself is talking about a deal between a company in Barbados and the US government but you are using the lack of information about Venezuela's position in all this to extrapolate an entire narrative that only serves to manufacture consent against Venezuela. You are doing the work of imperialism here and it is gross

    t just seems ,like the Venezuelan officials are gaslighting the country so the people don't revolt when they realize what this deal is.

    yes all those Black and Indigenous Venezuelans are just brainless pawns who have no idea what they are in for, unlike you who knows so much about what is going on. if only you could show them before its too late. that is certainly what is going on, couldn't be anything else

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