The secretary general of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al Gais, held strategic meetings on January 10 with the president of Venezuela, Nicolás Maduro, aimed at strengthening oil production and export agreements.

They also discussed agreements in the gas sector, reaffirming “Venezuela’s commitment to OPEC and its role in the stability of the global energy market.”

These meetings, held at the Miraflores Palace, were also attended by Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum (GECF), who, together with the OPEC Secretary General, arrived in Venezuela to attend the swearing-in ceremony of Maduro for the period 2025-2031.

“The international delegations highlighted the continued relevance of Venezuela in the global oil market, as it strengthens the strategic relations between the country, OPEC and the GECF.”

M.Pino

Source: noticiaaldia

(Reference image source: Getty Images for Unsplash+)

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Venezuela takes a new step towards its integration into the BRICS group with the upcoming creation of a business super commission ordered by the president, Nicolás Maduro.

The objective of this commission is to accelerate the country’s incursion into the group of emerging economies and focus on the industry, beyond oil.

“We are going to organize a super Agroproductive Business Commission of the entire country, state by state, (…) we are going to organize so that they begin to make connections and go to the BRICS countries to establish contacts, ties and contracts so that the production will be placed in those countries,” declared Maduro.

The president’s interest is for this commission to advance the talks beyond the oil and gas sector. “Investments in oil, gas, petrochemicals, very good, but (we must) think about Venezuela far beyond oil, in the Venezuela of industry, in the deep earth, in blue Venezuela, of the seas, of fishing, aquaculture,” he added.

It is important to note that in this goal set by the president of Venezuela, a memorandum of cooperation was signed this Tuesday between the Latin American country and Russia against the United States sanctions. This was announced by the signatory of the document, the Chancellor of the Republic, Yván Gil, accompanied by his Russian counterpart, Sergei Lavrov. The signing took place during the meeting of BRICS foreign ministers in the Russian city of Nizhny Novgorod.

Instruídos por el presidente @NicolasMaduro y en el marco de la reunión ministerial del BRICS+, firmamos junto al canciller de la Federación de Rusia 🇷🇺, Serguéi Lavrov, un memorando de entendimiento de cooperación para contrarrestar a las Medidas Coercitivas Unilaterales. Esto… pic.twitter.com/mQMZ49YFgT

— Yvan Gil (@yvangil) June 11, 2024

M.Pino

Source: bancaynegocios

(Reference image source: @BRICSinfo, X)

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The measure on regulation of access to foreign currency in the oil and gas sector had been mentioned by the new Argentine Economy Minister Sergio Massa. However, the decree was issued this week, specifying the requirements that companies in both fields must meet to obtain foreign currency.

According to decree 484/2022, “the beneficiaries may, in order to encourage investments to increase the production of the hydrocarbon areas under their ownership, present themselves together with other legal entities with a minimum investment of US$ 50 million”.

The companies that are accepted will enjoy the corresponding benefits from the third quarter of the year. They must submit all collections for these purposes, within the time stipulated for receipt by the Secretary of Energy.

According to the decree, the companies that are accepted to receive the allocation of foreign currency, “must increase their purchases and contracts with national and regional suppliers by December 2024 by 30 % for drilling and completion items, and by 40 % for the items of production and maintenance and works and surface installations on the percentage of composition of the expense of 2021.”

Government representatives have justified the issuance of this decree, taking into account Argentina’s deficit situation in the energy trade balance. On the other hand, they consider that the measure is fundamental for the macroeconomic impulse of the country.

M.Pino

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Source: perfil

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