Law for the Development of Petrochemical Activities termed "socialist-oriented"

Economy
The chair of the Energy and Mines Committee, National Assembly, Angel Rodríguez, said that the Organic Law for the Development of Petrochemical Activities passed last week is socialist-oriented.

"We designed a legal instrument that is aimed to promote private participation in the petrochemical sector under preferential economic and fiscal terms. At the same time, we included a series of humanistic provisions, which promote social responsibility of the capital owners and the democratization of knowledge, without affecting the interests of the partners," Rodríguez said.

Some of the conditions attached to the approval of mixed companies in this area include proposing agreements involving special advantages for Venezuela as to technology transfer, incentives to industrialization, plans to use profits to benefit the community, among others, said the committee in a press release.