Analyst: the Venezuelan Parliament can change oil taxation

Analyst: the Venezuelan Parliament can change oil taxation


On reform, as stated by the Director of the energy Agency PetroleumWorld Elio impact assessment will require approximately six months. The industry will be able to feel positive changes.

MEXICO city, 8 Dec –, Dmitry Znamensky. For the past six months, we can expect changes in the oil industry of Venezuela, after an opposition victory at parliamentary elections of the country, including in the field of taxation, said oil analyst and Director of the energy Agency PetroleumWorld Elio EIA.

According to the electoral authorities of Venezuela, the opposition received the majority of votes during the elections to the National Assembly held on Sunday. The coalition the “Roundtable of democratic unity” will be at least 99 seats in Parliament, the United socialist party of Venezuela 46. The fate 22 of mandates yet to be determined.

The expert noted that we are talking about such things as the establishment of the Parliament of attractive conditions for the implementation of a number of projects and the implementation of real investment in the short term. “The national Assembly could revive the industry in the adoption of laws, including the change of system royalties and other taxation that would be a benefit that can ensure the inflow of foreign capital,” he told the CES by telephone from Caracas.

In his opinion, it will take about half a year. “The industry can feel positive changes, and foreign companies, especially Russian, with extensive experience, you can positively help the National Assembly to achieve these changes in the shortest possible time,” he said.