No arbitration request: Orinoco Belt in Venezuela
No arbitration request for Carabobo
Venezuela will not waive its jurisdiction in the disputes that may arise over the Orinoco Oil Belt, since the government will not transfer to foreign companies the strategic control of oil reserves, said the chair of the committee on energy and mines, national assembly, Angel Rodriguez.
Rodriguez was replying to one of the companies interested in bidding for the Carabobo Block, Orinoco Oil Belt, which is allegedly lobbying for the inclusion of an international arbitration clause in the oil exploration agreements "in order to preserve the interests of foreign investors," said a press release issued by the committee.
Rodriguez said that companies from all over the world are interested in bidding for the Carabobo Block, said a report from El Universal newspaper.
He said that mixed companies from about 30 countries have a stake in projects currently under way in the area.
The lawmaker stressed that foreign corporations doing business in Venezuela know that oil supply is secured for at least 100 years.