US government publishes details of oil agreement with Venezuela

Beijing. The US government has published details of its planned oil agreement with Venezuela. The company North American Blue Energy Partners (NABEP) will play a central role, according to a statement from the White House on Monday.

Accordingly, NABEP gives the US Department of Defense a 35 percent stake in its parent company. The company also grants the US State Department the right to purchase 20 percent of current and future oil production at cost price. The Foreign Ministry receives a right of first refusal for the remaining 80 percent of production.

The US government also has veto rights over the appointment of members of the board of directors. A majority of the board members must be U.S. citizens. According to its own information, NABEP is the second largest oil producer in Venezuela. It expects to invest almost $100 billion in the Venezuelan oil industry and more than $209 billion in tax revenue for the Venezuelan treasury.