VENEZUELA'S LNG EXPORT PROJECT GETS FINAL APPROVAL

Venezuela's Congress has given final approval to the proposed $5.6 billion Cristobal Colon liquefied natural gas export project. It represents the first time direct foreign equity investment will be allowed in Venezuela's upstream oil and gas sector since all private foreign companies were nationalized in 1976. In recent years, the government has approved service risk contracts by foreign companies that called for boosting production from old and/or marginal oil fields.

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