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The Mineral Industry of Venezuela in 2012

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The Mineral Industry of Venezuela in 2012 2012 Minerals Yearbook VENEZUELA U.S. Department of the Interior February 2015 U.S. Geological Survey THE MINERAL INDUSTRY OF VENEZUELA By Alfredo C. Gurmendi Venezuela’s gross domestic product (GDP) based on from $45.2 billion in 2011, and the country’s manufacturing purchasing power parity increased by more than 7.4% to sector accounted for almost 15% of the GDP; the crude oil $401.9 billion in 2012 from $374.1 billion (revised) in 2011. sector, almost 12%; the construction sector, almost 8%; and the Economic prospects remained mostly dependent on petroleum mining sector, almost 1% (Banco Central de Venezuela, 2013; revenues, which accounted for about 95% of export earnings, International Monetary Fund, 2013; Petróleos de Venezuela about 45% of the Government’s budget revenues, and about S.A., 2013a). 12% of the GDP. The United States was Venezuela’s leading trading partner. U.S exports to Venezuela included, in order Government Policies and Programs of value, machinery, organic chemicals, agricultural products, According to the Venezuelan Constitution, all mineral optical and medical instruments, and automobile parts. Crude and hydrocarbon resources belong to the Government. The oil and refined petroleum products dominated U.S. imports from Ministerio del Poder Popular de Petróleo y Minería (MPPM) Venezuela, which was one of the top four suppliers of foreign is responsible for all legal matters related to mining and crude oil to the United States. The state-owned petroleum petroleum activities. The Mining Law (Decree No. 295 of company Petróleos de Venezuela S.A. (PDVSA) continued September 5, 1999) establishes the rules regarding all mines to control the exploration for and production of asphalt, and minerals within the Venezuelan territory, including the natural gas, and petroleum and its derivatives. Venezuela was exploration for, and development, production, marketing, and a member of the Organization of the Petroleum Exporting transportation of minerals. The General Regulation of the Countries (OPEC) and an active participant in the global Mining Law (Decree No. 1234 of March 9, 2001) establishes crude oil market. Venezuela accounted for almost 2% of the terms, conditions, and administrative procedures in support world’s bauxite output, about 0.8% of the world’s aluminum of Decree No. 295. Most industrial minerals found on private output, and almost 0.6% of the world’s iron ore output in 2012 lands are governed by Articles 7 through 10 of the Mining (table 1; Banco Central de Venezuela 2013; Bray, 2013a, b; Law of 1945 and will likely continue to be so governed until International Monetary Fund, 2013; Petróleos de Venezuela the individual States establish regulations. The Hydrocarbon S.A., 2013a; Tuck, 2013; U.S. Central Intelligence Agency, Law, which is known as the Decree with Force of Organic Law 2013; U.S. Department of State, 2013). on Hydrocarbons (Decree No. 1510 of November 2001), and In 2012, Venezuela and China signed new cooperation Article 302 of the Constitution of 1999 reserve all primary agreements for electricity and petroleum projects. In China, hydrocarbon activities for the Government. The Hydrocarbon changes in the economy, a new dynamic in petroleum Law was amended in 2006 by the Partial Amendment Law to demand, a need for industrial minerals, and the growth of the Decree 1510 with Force of Law, Organic Law of Hydrocarbons. manufacturing sector sparked an expansion of the country’s Nonassociated gas (natural gas that is not produced commercial and political relations with other countries simultaneously with crude oil) and downstream natural gas of the developing world, particularly Latin America. As operations are excluded from the Hydrocarbon Law; they are of February 7, 2013, according to the PDVSA, Russia’s regulated instead by the Decree with Rank and Force of Organic investments in energy and potential joint-venture projects in Law on Gaseous Hydrocarbons (Decree 310 of September 1999) Venezuela amounted to about $21 billion, and trade between and by the Regulation of the Law on Gaseous Hydrocarbons both countries amounted to $2 billion in 2012 (Arson and (Decree 840 of June 2000), as amended by the MPPM’s Davidow, 2011, p. 31; El UNIVERSAL, 2012; Petróleos de Resolution 244 of January 9, 2006 (Banco Central de Venezuela, Venezuela S.A., 2013b). 2013; Petróleos de Venezuela S.A., 2013a). Minerals in the National Economy Under the Constitution 1999 and the Organic Law on Gaseous Hydrocarbons (Decree 310 of September 1999), the The Government-owned PDVSA had monopoly control of Norms of Environmental Evaluation of Activities Susceptible Venezuela’s petroleum sector. Likewise, Government-owned to Degrade the Environment (Decree No. 1257 of 1996) companies controlled the electricity sector, the media sector, establishes the Ministerio del Poder Popular para el Ambiente and the telecommunications sector. Economic and political (MINAMB) [Ministry of Popular Power for the Environment]. uncertainties, a history of actual and threatened nationalizations, The law requires an environmental impact study for projects increasing Government intervention in the economy, and an and operations in the hydrocarbon and mining sectors. The increasingly restrictive legal framework made Venezuela’s MINAMB implements Decrees No. 1510 and No. 1257 through investment climate in recent years considerably less welcoming the Ley Orgánica del Ambiente [The Organic Law for the than it once was. As a result, foreign direct investment (FDI) Environment] (Ministerio del Poder Popular para el Ambiente, into Venezuela had been lagging behind that of most other 2013). Latin American countries. In 2012, according to the Central In June 2009, the Government passed legislation that requires Bank of Venezuela, FDI in Venezuela increased to $49.6 billion private-sector petrochemical producers to enter into joint Venezuela—2012 15.1 ventures with the Government-owned chemicals company commodities. In practice, however, investors might encounter Petroquímica de Venezuela S.A. (Pequiven) in order to continue significant hurdles. Although no prior registration is generally doing business in Venezuela. The Government would allow required for foreign investment, subsequent registration with private sector consortia to negotiate the formation of joint the Superintendencia of Foreign Investments is required. ventures to produce crude oil and to develop heavy-crude-oil Repatriation of capital and dividends is legally allowed, upgrades in the Carabobo region of the Orinoco Belt from 2010 but is subject to the exchange rate regime. In practice, few through 2013. Owing to the Government’s nationalization drive, companies have been able to repatriate dividends since 2008. such foreign investors as Eni S.p.A. of Italy, Statoil ASA of The Venezuelan judicial system is politicized and is marked by Norway, and Total S.A. of France had entered into joint ventures Executive branch interventions. The Venezuelan Constitution with the Government in which the Government’s equity share of 1999 treats capital investment as a means of promoting was 60%. The Government was considering administrative and the development of the national economy. Article 301 of the technical audits of foreign and domestic crude oil companies Constitution adopts international standards for the treatment of interested in partnerships as outlined in the framework of the private capital, with equal treatment of domestic and foreign strategic collateral plan called the National Social and Economic capital. The Constitution reserves strategic sectors, such as Development Plan for the period 2007–13 (Petróleos de crude oil and hydropower, for the Government. Also, a number Venezuela S.A., 2013a). of sectors are regulated by “special laws” that supplement In 2011, Venezuela’s National Assembly approved the the Constitution and affect the business environment. These creation of two joint ventures between PDVSA and two sectors include hydrocarbons, mining, telecommunications, consortia of international oil companies for the development banking, and insurance. Of these, the hydrocarbons sector of projects in the Orinoco heavy-oil belt. The first joint venture has the most significant restrictions on foreign investment. gave PDVSA a 60% share of the Carabobo 1 project, and the The 2001 Hydrocarbons Law reserves for the Government remaining 40% was divided among Indian Oil Corp. Ltd. of the rights to prospecting, exploration, production, and initial India, Repsol YPF S.A. of Spain, and others. In the second transportation and storage of petroleum and associated natural joint-venture project, Carabobo 3, PDVSA also held a 60% gas. Under this regime, primary activities must be carried out interest, and the remaining 40% was shared among Chevron directly by the state, by a 100% Government-owned company, Corp. of the United States, Inpex Corp. and Mitsubishi Corp. such as PDVSA, or by a joint-venture company in which more of Japan, and Venezuela’s Suelopetrol C.A. Each of the two than 50% of the shares are held by the Government. The law projects would have the capacity to produce 400,000 barrels per leaves refining ventures open to private investment as well as day (bbl/d) of oil and each would include the construction of a commercialization activities under a license and permit regime. heavy crude upgrader that could turn 200,000 bbl/d of tar-like It also stipulates that any arbitration proceedings are to be Orinoco oil into synthetic crude; the remaining 200,000 bbl/d of conducted in domestic,
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