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Andean Group - April 2018 (ISSN 1741-4466)

VENEZUELA: Pdvsa grinds to a halt under military management

Desperate measures are apace to recover oil production. A newly announced ‘special transitory regime’ for the oil sector, which takes immediate effect until 31 December 2018 (and is renewable for 12 months thereafter), gives the Venezuelan oil ministry temporary free rein to make administrative and operational changes to the oil sector, however it sees fit, motivated by a desperate bid to recover production. The new regime, as set out under Presidential Decree No. 3368, may well be legally dubious without National Assembly assent, but the survival of the government led by President Nicolás Maduro now depends entirely on recovering oil output at all costs.

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