petroleum

Substantial changes proposed for East Timor’s Petroleum Fund law will expose the nation’s finances to high risk and open the door to corruption. Just a few years ago the fund was widely praised as a model of prudential and sustainable management, and a means of possibly escaping the “resource curse” of waste and corruption. That is all about to change. East Timor's AMP government, led by Xanana Gusmao, has a bill before parliament that removes most of the prudential controls on the fund.

The statement below was released on May 28 by the Australia-Venezuela Solidarity Network. For more information on the AVSN, visit www.venezuelasolidarity.org . * * * On May 24, the United States’ State Department unilaterally imposed sanctions against Venezuela’s state-owned oil company, Petroleos de Venezuela, S.A. (PDVSA). The State Department accused PDVSA of undermining the US sanctions against Iran by sending two cargo ships delivering US$50 million worth of reformate ― a gasoline blending component used to improve the quality of gasoline.