PDVSA Petróleos de Venezuela : Minister Del Pino: "Diversifying foreign revenue sources is key"

Maracaibo.- On Monday, People's Minister of Petroleum and Mining and President of Petróleos de Venezuela, SA (PDVSA) Eulogio Del Pino, met with Zulia state businessmen as part of the ministers' nationwide information tour on the scope of the economic emergency decree announced by the Executive.

The meeting was held at the Palace of Government of the state of Zulia and was also attended by Governor Francisco Arias Cárdenas. Minister Del Pino told business representatives and other regional powers that be that the decree 'is not an economic package, it actually intends to preserve the gains made in revolution'.

The minister presented opportunities for economic growth and development of alternative sources of foreign revenues, through gas, petrochemical and mining projects.

He spoke about the importance of joint efforts between the private and public sectors given the circumstances that the country currently faces. 'We are going through a storm and we have to agree to pull in together', he said. The minister stressed that the decree presents an extraordinary opportunity to boost domestic economy.

'This is a historic moment to diversify the economy, the time for the domestic businessman to start producing', he said. For the minister, opportunities are opening up in the mining and petrochemical sectors, thanks to the enactment of the Law for the Development of Mining Production 2016-2018 which will bring new investment opportunities thus helping establish these economic activities. 'This is a stellar year for mining', he said.

According to Minister Del Pino, gas will become another source of foreign revenues for the nation, thanks to projects like Rafael Urdaneta which ensure meeting domestic demand and export to markets such as the Colombian. The participation of the private sector is anticipated in all these projects.

The minister said that the petrochemical sector generates many jobs and a wide array of products. He announced that in the next 60 days, they will 'convene a major event for all sectors to learn how to participate in this area'.

The economic emergency decree No. 2184 was published in Official Gazette 40828. Its aim is stated in Article one, to 'adopt measures to address the economic situation which results from the effects of unconventional warfare' that has intensified with the decline in oil prices.

Last Friday, during his state of the nation address, President Nicolás Maduro handed over the decree to the National Assembly where it will be debated. It will also be submitted to the Supreme Court so that they 'rule on its constitutionality'.