CARACAS, (Reuters) – Venezuela’s opposition national assembly yesterday appointed three exiled lawmakers to direct it and create a commission to control foreign assets, including oil refiner Citgo Petroleum.
The assembly voted last week to remove Juan Guaido, the public face of the fractious opposition since 2019, as its interim president. The United States and other governments had backed Guaido after deeming the 2018 re-election of President Nicolas Maduro as fraudulent.
Legislators who backed ending the interim government say their control of foreign assets is not at risk – despite warnings from Guaido and others – and the dissolution was necessary for unity ahead of presidential elections tentatively scheduled for 2024.
The new leadership triumvirate is assembly president Dinorah Figuera and vice-presidents Marianela Fernandez and Auristela Vasquez – from opposition parties Justice First, A New Era and Democratic Action respectively.
All three have lived abroad since the start of Guaido’s interim government because of what the opposition says is government harassment.
“I am convinced that this assembly, along with all the political parties … will raise the flags of unity,” Figuera, a 61-year-old doctor, said during the virtual session.
The new leadership will designate a five-member commission to manage foreign assets like Citgo, a subsidiary of state-owned oil company PDVSA.
Because of its backing abroad, the opposition is able to control assets in other countries, like $1 billion in gold stored at the Bank of England.
It hopes Washington will extend a license this month protecting Citgo from possible creditor seizures.
Venezuela owes more than $60 billion to creditors.
Citgo, which was on track for a $2.5 billion profit in 2022, could face supervisory board shakeups and other changes under the new commission.
Citgo did not immediately reply to a request for comment.
The U.S. government has not publicly revealed its position on the assets protection, but said after Guaido’s removal that it will continue to support the assembly, originally elected in 2015. The interim government’s former embassy in Washington has ceased operations until new officials are appointed, two sources said.
Lawmakers in the government-backed parliament also on Thursday re-elected Jorge Rodriguez as their body’s president for another year.
Barbados gov’t can no longer sustain sugar subsidy – minister
(Barbados Nation) Government can no longer sustain pumping close to $30 million annual into the sugar industry.
And the end of the current season in April will trigger the commencement of a phased withdrawal by the state and the move towards promised privatisation.
“In terms of the transitioning of the sugar industry to a private sector-owned industry, with no Government participation, for the end of this coming financial year that process should begin; first with the employee enfranchisement programme and then we are also going to look at the transitioning of the Portvale Sugar Factory, also into private ownership, with shares being made available to employees and the public as well,” Minister of Agriculture and Food Security Indar Weir told Starcom Network yesterday.
He said Government gave the Barbados Agricultural Management Company Ltd. a $10 million subvention and contributed about $17 million to the sugar industry by way of Portvale and the purchase of canes to go to Portvale from the farms.
