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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