Acting President of Venezuela, Delcy Rodríguez, announced on Thursday that the revenues from energy agreements with the United States will be managed through two sovereign funds aimed at financing social protection programs and national infrastructure.
During her accountability session at the National Assembly, Rodríguez elaborated on the recent agreements between Caracas and Washington, explaining that the first fund will focus on social protection. This fund is intended to "enhance the income of Venezuelan workers, support hospitals, schools, food, and housing."
Conversely, the second fund will be allocated towards the rehabilitation of infrastructure and services for water, electricity, and roadways.
"These funds will ensure that the foreign exchange earned from energy cooperation with the United States is used transparently, free from bureaucracy and corruption," Rodríguez stated. Additionally, she revealed the establishment of a digital platform to monitor the use of these resources.
The leader also presented a proposal for reforming the Hydrocarbons Law to the Parliament, aiming to adapt Venezuelan regulations to the new investment frameworks outlined in the Anti-Blockade Law.
Among the proposed changes is the formalization of the so-called Chevron model—under which the American company operates in partnership with the state-owned Pdvsa—and the inclusion of Production Participation Contracts (PPCs) into the legal framework.
Rodríguez emphasized that by 2025, these cooperative mechanisms had resulted in investments nearing 900 million dollars in the oil sector.
"We are moving towards a mixed, more flexible model that promotes efficiency and guarantees direct income to the country," she asserted.
The announcement reinforces the energy cooperation strategy between Caracas and Washington, initiated after the capture of Nicolás Maduro and the resumption of bilateral dialogue under the Donald Trump administration.
Since then, the United States has authorized the sale of up to 50 million barrels of Venezuelan crude oil, estimated to be worth over 500 million dollars.
The agreement, part of the White House's economic stabilization package, stipulates that the funds are managed under international supervision before being transferred to Venezuela.
In her speech, Rodríguez claimed that by 2025 "there was zero fuel importation," with all gasoline distributed in the country being the result of "national production."
"Venezuela has regained its productive and energy capacity thanks to international cooperation and national talent," she affirmed.
President Trump, on the other hand, noted on Wednesday that he had an "excellent phone conversation" with Rodríguez, stating that both governments are making "extraordinary progress" as Washington aids Venezuela in "stabilizing and recovering."
"This alliance between the United States and Venezuela will be spectacular for everyone," Trump wrote on Truth Social, highlighting their discussions on oil, minerals, trade, and national security.
Understanding Venezuela's Energy Cooperation with the U.S.
How will Venezuela use the funds from the energy agreements?
Venezuela plans to use the funds from energy agreements with the U.S. through two sovereign funds focusing on social protection and infrastructure recovery, covering areas like healthcare, education, water, electricity, and roads.
What is the Chevron model mentioned in the reforms?
The Chevron model refers to the partnership between the American company Chevron and Venezuela's state-owned Pdvsa, which allows for joint operations under the new investment framework proposed in the Hydrocarbons Law reform.
What are Production Participation Contracts (PPCs)?
Production Participation Contracts (PPCs) are agreements designed to include foreign entities in Venezuela's oil sector, allowing them to participate in production activities under the new legal framework.