ESPACIO PUBLICITARIO
CARACAS, Thursday February 21, 2013 | Update
 
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PUBLIC FINANCE | Published in Official Gazette No. 40114

Reform of the law on oil windfall revenues enacted

Upon the reform of the law, the Central Bank of Venezuela will receive additionally USD 2.47 billion in oil revenue

Venezuelan state-run oil company Pdvsa will manage additional USD 1.6 billion (File photo)
EL UNIVERSAL
Thursday February 21, 2013  04:34 PM
The reform of the Law on Special Contribution for Windfall and Exorbitant Oil Prices was enacted on Thursday, as it was published in Venezuela's Official Gazette No. 40114.

The reform, passed at a special meeting at the National Assembly on Wednesday, provides that oil-related contributions to the National Development Fund (Fonden) shall be made whenever the price of the oil barrel exceeds USD 80, rather than USD 70, as provided before the reform. Consequently, Venezuelan state-owned oil company Pdvsa and the Central Bank of Venezuela (BCV) will receive a higher flow of petrodollars.

Official estimates indicate that the sale of US dollars to the central bank will spike to USD 2.47 billion this year because of the reform. Meanwhile, Pdvsa will manage additional USD 1.6 billion.

Translated by Jhean Cabrera
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