Venezuela’s president Nicolás Maduro gestures before his state of the nation address to the National Assembly in Caracas on Friday when declared a national economic emergency. Photograph: Carlos Garcia Rawlins/Reuters
Oil Price: Is Venezuela Trying To Hide Oil Assets With This Bizarre Move?
Strange and unsettling developments emerging late last week — from one of the world’s key oil-producing countries.
Venezuela.
The Venezuelan government Friday issued a decree that, for the first time, allows the country’s military to take direct involvement in natural resources projects.
The government will do this by creating a new military company. Which is authorized to participate in both oil field services, as well as in Venezuela’s mining sector. With the new firm going by the name of Cia. Anonima Militar de Industrias Mineras, Petroliferas y de Gas — or simply, Camimpeg.
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WNU Editor: This is how you reward your political allies .... which for Venezuelan President Maduro is the military. Unfortunately for Venezuela, there is still the problem of low oil prices and the need for OPEC to agree to production cuts .... Venezuela talking to Russia about potential oil-price support: Moscow (Reuters).