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Venezuela Opposition Calls First National Strike Since 2002

Tuesday, July 11, 2017

Venezuela Supreme Court Usurps Congressional Power, Approves New Joint Oil Venture


The Constitutional Chamber of the Supreme Court of Justice (TSJ) issued a decision on Monday asserting to approve the formation of a new joint venture called PETROSUR, a responsibility given by the Constitution solely to the National Assembly. Empresa Mixta PETROSUR S.A. is a joint venture made up of the Corporación Venezolana de Petróleo, SA (CVP) and Stichting Administratiekantoor Inversiones Petroleras Iberoamericanas, a Dutch shell company. Stichtings are Dutch legal entities, like a foundations and trusts, which make it possible to separate ownership and control, so that actual ownership or beneficiaries are not easily evident nor important. According to the Supreme Court's ruling, the joint venture will be located in the Junín field of the Orinoco Oil Belt. The TSJ said that it was taking these actions under the controversial decision it pronounced in late March when it attempted to dissolve the National Assembly but was later forced to clarify.  More…

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