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LatinNews Regional Monitor: Andean Group - 26 September 2018

In brief: Venezuela

Venezuela: Venezuela’s opposition-controlled national assembly (AN) has approved a resolution saying that it will not recognise any agreements signed by the state-owned oil firm, Pdvsa, that had not been previously approved by the legislature. The resolution comes after last month Pdvsa announced that it had signed new service agreements with 14 firms, and after President Nicolás Maduro announced that his government had undersigned a series of new agreements with China under which Chinese state-owned firms would increase their participation in oil producing ventures with Pdvsa. The Maduro government has said that the agreements are designed to help boost oil production at Pdvsa. But AN deputies said that the lack of parliamentary oversight of the agreements makes them illegal.

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