Amid the easing of sanctions against Venezuela by the United States, the International Monetary Fund and the World Bank announced on Thursday, April 16, the reestablishment of relations with the South American country.

The decision was announced following recent licenses issued by the Office of Foreign Assets Control (OFAC), which allow Venezuela, the Central Bank, and other banking entities in the country to carry out certain transactions, potentially contributing to economic development.

The IMF “has already offered the country future access to financing instruments.” However, the interim president, Delcy Rodríguez, stated that she does not foresee a debt program at this time.

Regarding the restoration of relations, IMF Managing Director Kristalina Georgieva issued a statement indicating that the organization, “following the opinion of the majority of its members, was now dealing with the Government of Venezuela under the administration of the country’s interim president, Delcy Rodríguez.”

For its part, the World Bank Group also commented on the decision announced last Thursday. “According to the statement, its last loan was granted in 2005.”

Both organizations accelerated the measure after US President Donald Trump recognized the Rodríguez government, a strategy aimed at promoting political and economic stability in Venezuela.

M.Pino

Source: france24

(Reference image source: Markus Krisetya on Unsplash)

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The Spanish oil company Repsol plans to resume operations in Venezuela, thanks to new licenses issued by the OFAC (Office of Foreign Assets Control), as well as the United States’ openness to new business opportunities.

Furthermore, the company aims to increase its production by 50 % in the next 12 months, considering Donald Trump’s approval to operate and export crude oil without prior sanctions restrictions.

According to Josu Jon Imaz, CEO of Repsol, the company already has a presence in the country through joint ventures with PDVSA, such as Petroquiriquire, and has been operating in exploration and production fields for more than three decades.

Venezuela maintains a massive debt

According to the company’s recently published annual financial report, “the Venezuelan state owes 4.55 billion euros (equivalent to approximately 5.37 billion dollars).”

This figure includes “commercial debt for oil and gas supplies, late payment interest, and 947 million euros in financing granted to the Petroquiriquire joint venture with PDVSA.”

However, according to Imaz, current conditions are encouraging and favorable for supporting gross oil production, as well as contributing to Venezuela’s development in this new political and economic phase.

M.Pino

Source: efectococuyo

(Reference image source: WORKSITE Ltd. on Unsplash)

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La entrada Repsol to resume operations in Venezuela with 50 % production increase apareció primero en Bitfinance.