A Venezuelan delegation participated Tuesday in a G20 ministerial meeting in Houston on energy abundance, held in the context of the South American country’s agreements with the United States, with acting President Delcy Rodríguez saying the alliance will allow a considerable increase in oil production.
According to the organization, the energy agreement between Caracas and Washington is intended to drive investment flows and raise Venezuelan oil output. The Venezuelan embassy in Washington said the delegation’s participation “reaffirms the country’s capacities in energy and mining matters, its willingness to promote international cooperation projects and its position as one of the main energy powers in the world, for the well-being of the Venezuelan people.”
The meeting included Venezuela’s Hydrocarbons Minister Paula Henao; Mining Development and Basic Industries Minister Héctor Silva; U.S. Interior Secretary Doug Burgum; and U.S. Energy Secretary Chris Wright.
The alliance provides for the exploitation of more than 65 billion barrels of oil, using foreign capital equivalent to $100 billion to finance the asset, which would generate more than $209 billion in revenue for the state, according to the Venezuelan executive. The United States says the new alliance will attract nearly $100 billion in private investment to Caracas.
Acting president Rodríguez said Venezuela retains ownership and sovereignty over its resources, and that the rapprochement will strengthen ties for mutual benefit. She added that Venezuela will use capital, technology and operational capacity “to leverage the recovery of a strategic industry hard hit by sanctions.”
Author: vmmh
Source: agencies
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