Venezuelan authorities announced that the first contract for the export of liquefied natural gas has been signed in the country. Revenues from this export will enter the national currency market through the Central Bank of Venezuela.
Modern.az reports, citing foreign media, that this was announced on January 16 by Delcy Rodríguez, acting president of the country, at a meeting of the National Economic Council.
According to her, the new law aims to transform oil and gas revenues into the "engine of the national economy" and to fully develop the country's productive capacity:
“A portion of the funds obtained from the sale of oil and gas is intended to be directed to sovereign funds for the social protection of the population.
The remaining revenues will be invested in infrastructure development, as well as in improving public services, which should contribute to Venezuela's long-term development.”
