The Hydrocarbons Law will regulate future oil operations in the world's fourth largest petroleum-exporting nation.
National and foreign businessmen have sharply criticized the oil sector law, arguing that its combination of higher royalty taxes and majority state control of new projects will damage Venezuela's image in the eyes of foreign investors.
Venezuela's benchmark global bond due 2018 fell to 89.000 percent of face value, yielding 15.471. [End]
Venezuelan President Hugo Chavez (L) organizes military maneuvers in El Pao, Cojedes November 29, 2001. Chavez, facing a planned December 10 nation wide shutdown by private businesses in protest against left-leaning reforms, was set to launch a strategic new oil law November 30, 2001 that critics say will scare off investors. The Hydrocarbons Law will regulate future oil operations in the world's fourth largest petroleum-exporting nation. PHOTO TAKEN NOVEMBER 29 REUTERS/Ho/Miraflores Palace