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VENEZUELAN POLITICAL AND ECONOMIC

VENEZUELAN POLITICAL AND ECONOMIC. VENEZUELAN POLITICAL AND ECONOMIC. General Overview. Political Situation:. 1998 : Hugo Chávez elected with 80% of votes 1999: New Constitution: V Republic 2002: Latest polls indicate popular support at less than 30%.

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VENEZUELAN POLITICAL AND ECONOMIC

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  1. VENEZUELAN POLITICAL AND ECONOMIC VENEZUELAN POLITICAL AND ECONOMIC General Overview

  2. Political Situation: 1998: Hugo Chávez elected with 80% of votes 1999: New Constitution: V Republic 2002: Latest polls indicate popular support at less than 30%

  3. Political: route to a transition, as a result of: • Pressure from: • Civil society (NGO’s) •  Federation of Labor Unions •  Federation of Chambers of Commerce and Industry  Political parties (in the process of restructuring) Military group • International Mediation: GTT: OAS, UNDP and Carter Center •  On November 8th under Chairmanship of Mr. Gaviria, OAS’President a negotiation Round Table composed by 12 memebers started discussions to solve the political crisis • Constitution: Allows referendum by August 2003

  4. Economic Remarks:  Increase of the oil income  Country’s ability to deal with its external debt: High level of international reserves Areas of Concern:  Increased cost of internal debt: fiscal deficit covered by devaluation  Improve tax collections; Improve control of public expenditures

  5. BUSINESS OPPORTUNITIES GAS OFF-SHORE DELTANA PLATAFORM PROJECT:  AS MINORITY INVESTORS (LICENSEES).  AS INDEPENDENT CONTRACTOR / OPERATOR / CARRIER OF THE GAS PIPELINE.  AS INDEPENDENT CONTRACTOR / OPERATOR / SHAREHOLDER OF THE GUIRIA LNG PLANT.  AS SERVICES CONTRACTOR. MARISCAL SUCRE PROJECT: AS INDEPENDENT CONTRACTOR / SERVICES PROVIDER.

  6. BUSINESS OPPORTUNITIES GAS INLAND DOMESTIC DEFICIT / NATIONAL CONSUMPTION: NEW GAS FIELDS EXPANSION PLANS OIL GAS FIELDS (ANACO) UPGRADE PDVSA OPERATIONAL DEFICIT:  WEST/EAST GAS PIPELINE.  OIL SUBSTANCES AS REPLACEMENT OF INJECTED GAS.  GAS INDUSTRIALIZATION / PROCESSING / CHEMICAL AND PETROCHEMICAL. DOMESTIC / RESIDENCITAL / COMMERCIAL:  REGIONAL DISTRIBUTION NETWORK (DELAYED).

  7. BUSINESS OPPORTUNITIES GAS PLANS NATIONAL PRODUCTION INCREASE: 2.4 Mbd (2002) - 3.4 Mbd 2008)  LIGHT CRUDES (EXPLORATION).  PRODUCTS DEVELOPMENT FROM UPGRADED CRUDE (ORINOCO BELT)  POTENTIAL 5TH. PROJECT.  POTENTIAL BUILDING OF 3RD. AND 4TH. ORIMULSION MODULES.  CARBON (CARBOZULIA) / PORT AND TRANSPORT INFRAESTRUCTURE UPGRADE.  NEW REFINERY.

  8. - POST TRANSITION •  Restructuring and reinforcement of the democratic political • parties. •  More political participation of citizen •  Reinforcement of the democratic political system: better • checks and balances

  9. - POST TRANSITION • More stable and convenient Legal Environment • - Law to Promote and Protect Private Investments: in • addition to Bilateral Investments Treaties •  Equal Treatment  Right to transfer funds  Dispute Resolution  Juridical Stability Contracts - It is expected the execution of bi-lateral investment treaty during this period - US Investments can obtain investment guarantees from OPIC

  10. More stable and convenient Legal Environment:  Modern Telecommunications and Energy Laws  E- Commerce: Electronic Messages and Signatures  Electronic Crime  Concessions Law: advantages to investors who finance or commit to obtain financing of projects  Commercial Arbitration  Double Taxation Treaties with numerous countries  New Gaseous Hydrocarbons Law  New Organic Hydrocarbons Law

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