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🇦🇷 Argentina /Economy & Trade

Venezuela says it retains control and ownership of its oil after U.S. deal

From Clarín · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • Venezuela said it retains control and ownership of its oil under a 25-year agreement with the United States involving 65 billion barrels.
  • The deal seeks to attract foreign investment and will be reviewed by Venezuela’s Chavista-controlled parliament.
  • The hydrocarbons minister said the agreement does not compromise national sovereignty.

Venezuela is insisting that a new agreement with the United States will not loosen its grip on the country’s oil.

The 25-year pact involves 65 billion barrels and is intended to attract foreign investment. But Venezuela’s hydrocarbons minister said the arrangement preserves the country’s control and ownership of its crude.

The minister also said the agreement does not compromise Venezuela’s sovereignty. The deal will now be evaluated by the parliament controlled by the Chavista movement.

About this summary

Originally published by Clarín in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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