LatinNews Daily - 17 April 2024

*Venezuela’s unicameral legislature has authorised the executive to create a new oil company, Roraima SA, in what will be a joint venture between the state and private sector. In a press release, the president of the chamber’s energy and petroleum commission, Ángel Rodríguez, explained that the state will own 51% of Roraima SA, with the remaining 49% in private hands. Also yesterday the legislature approved the territorial expansion of existing oil company Petroquiriquire, which is 60% owned by the state, with the remainder owned by Spanish energy firm, Repsol. The announcement regarding the new venture comes amid ongoing speculation regarding the easing of US oil sanctions on Venezuela which Washington has tied to the Venezuelan government’s commitment to holding free and democratic elections. Some of the sanctions had been loosened in October for a six-month period set to expire on 18 April.