Ongoing Issue

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  1. The Colombian energy minister said that the gov't has set a goal of signing 205 oil and natural gas exploration and exploitation contracts in the next 4 years. It also expects that 570 wells will be dug and that 1.15 million barrels per day will be produced.

  1. Kidnappings in Colombia reportedly increased 32 percent in 2010, according to statistics maintained by an NGO. [security issue, kidnappings are pretty big business still, in no small part due to FARC and ELN as well as smaller DTOs].

  1. Colombian exporters' association Analdex said that Venezuela  has only approved $300 million of the debt owed to Colombia, while Venezuela has claimed it has approved $530 million. Venezuela has also claimed that $200 million of the $800 million debt is due to overpricing.

  1. The Colombian Ministry of Energy and Mines will conduct surprise mine inspections at 500 mines in the departments of Boyaca, Antioquia, Cundinamarca and Norte de Santander. [Including because it’s a tightening of labor/regulatory rules, which could apply to other sectors in the future].

  1. Suspected FARC militants bombed a section of the Transandino oil pipeline on Feb. 9, causing damage.

  1. China is reportedly negotiating with Colombia to build a railway as an alternative to the Panama Canal, according to statements by Colombian President Juan Manuel Santos.

  1. (Ongoing Issue) There hasn’t really been an end to this issue, but I’m including it anyways. The Colombian Truckers’ Association has been on nationwide strike since Feb. 3. They’ve significantly disrupted traffic on the Rumichaca bridge from Ipiales, Colombia to Tulcan, Ecuador. It seems that they are in ongoing negotiations with the gov’t and have managed to disrupt traffic in Bogota through roadblocks. If the protest spreads or lasts longer, it could actually affect nationwide travel and food supplies.


  1. In statements made to legislators on Feb. 8, Justice Minister Tareck El Aissami said that the murder rate in Venezuela is 48 per 100,000 inhabitants. [this is the official murder rate, it’s probably slightly higher].

  1. Defense Minister Carlos Mata Figueroa said in statements to VTV on Feb. 9 that the armed forces did not pose a coup threat and were unified. Mata Figueroa also said that Russian military hardware would begin to arrive soon.

  1. On Feb. 13 Chavez signed a decree creating 17 vital emergency housing areas for the construction of emergency housing in Venezuela. The zones comprise 2,703 hectares and include Fort Tiuna I, Fort Tiuna II, Cua station, Charallave Norte, Valles del Tuy, Lomas de Guadalupe, Playa Grande, Ciudad Caribia, Catia La Mar, Base Libertador y Base Aragua, El Viñedo, Complejo Refinador Jose, Yucatán in Lara state and the eastern shore of Lake Maracaibo in Zulia. [This is important because land may be expropriated at some of these locations for housing]. The areas will be under the control of a presidential commission.

  1. Venezuela's active drilling rig count rose by 11 to 94 in Jan. 2011, according to OPEC statistics. Current activity is 23 percent higher than the 70 rigs recorded on average in 2010.

  1. The Venezuelan opposition will schedule its primary elections for the 2012 presidential eelctions for late 2011. So far Caracas metropolitan mayor Antonio Ledezma appears to be the only candidate that has announced his intention to run.

  1. The Venezuelan gov't could restrict fuel purchases by private vehicles to promote fuel conservation. Although no formal announcement that there will be fuel restrictions has been made Energy Minister Rafael Ramirez said that Venezuela needs to reduce its gasoline consumption by 100,000 bpd in 2011.

  1. 6 of the 20 generating units at the Guri dam are reportedly non-functional or under maintenance. These are units number 4, 6, 8,9,12 and 16. According to information posted on Twitter, this has cost the Guri dam 630 MW in output and requires the rationing of 1,100 MW nationwide.

  1. Venezuela chose Petronas, CNOOC, Sontrach and a Russian consortium for bidding on the Mariscal Sucre natural gas project. The Russian firms involved are Surgutneftegaz, Rosneft, Gazprom and Lukoil.

  1. US assistant secretary of state Arturo Valenzuela said that the US is analyzing whether Venezuela is violating international sanctions on Iran through energy cooperation.

  1. Venezuela will begin importing 16 million liters of fuel per month into Colombia's Norte de Santander department. The imports will begin on Feb. 17, after being suspended since Aug. 18, 2009.

  1. Energy and Oil Minister Rafael Ramirez denied that Venezuela is exporting gasoline to Iran in violation of sanctions. He said that Iran is now self-sufficient in gasoline production.

  1. Venezuela has paid $365 million in debt owed to Colombian exporters, Venezuelan FM Nicolas Maduro said. Venezuelan and Colombian officials will meet again to discuss economic matters on March 2 and 3.

  1. Energy and Oil Minister Rafael Ramirez said that Venezuela loses $1.5 billion per year in gasoline subsidies and that this is due to a discrepancy between the cost of production and the cost of fuel. [This shows why the fuel subsidy issue is of concern to the gov’t, but they won’t raise fuel prices.]


  1. Correa extended on Feb. 8 the state of emergency at the National Assembly for another 60 days.

  1. International arbitrators ordered Ecuador to suspend enforcement of the judgement against Chevron in the 18-year-old environmental case against the company.

  1. Chevron was fined $8 billion for contamination from 1972-1990 in Ecuador.

  1. The Constitutional Court on Feb. 15 approved the 10-question referendum and popular consultation submitted by the Ecuadorian gov't.

  1. The signing of the first contract with Petroecuador for exploitation of older (30 years or older) oil fields will be signed in April. The bidding rounds for these fields will begin in April, in which Halliburton, Weatherford, Baker Hughes, Woodgroup, Schlumberger, Sertecpet, Sipc-Sinopec, Barkie Kalila Investments, the Faculty of Geology and Mines of Ecuador and Otopetroleum are participating.

Full text


  1. Gobierno firmará 205 nuevos contratos para explotación de hidrocarburos


    El ministro de minas, Carlos Rodado Noriega, aseguró que el gobierno pretende incrementar la producción y reserva de hidrocarburos en el país, para lo cual firmará estos contratos de exploración y producción.

    “Nos hemos impuesto tanto la meta de firmar 205 nuevos contratos en los próximos 4 años, como de perforar 570 pozos y llegar a una producción de un millón 150 mil barriles de petróleo por día, al finalizar el año 2014” manifestó Rodado Noriega

    El ministro agregó que se pretende aumentar la infraestructura del país para distribuir y transportar los combustibles e incrementar la red de oleoductos del país.

    Government signed 205 new contracts for oil exploitation


    The Minister of Mines, Carlos Shot Noriega, said the government intends to increase production and reserves of hydrocarbons in the country, which signed these contracts for exploration and production.

    "We imposed both the goal of signing 205 new contracts in the next 4 years, drilling 570 wells and reach a production of one million 150 thousand barrels of oil per day, at the end of 2014," said Noriega Shot

    The minister added that he intends to increase the country's infrastructure to distribute and transport the fuels and increase the country's pipeline network.

  2. Secuestro en Colombia aumentó un 32 por ciento en 2010: País Libre


    En 32 por ciento aumentó la práctica del secuestro en Colombia durante el 2010, comparándola con las cifras de 2009 a nivel nacional, según reveló la organización no gubernamental País Libre.

    Las cifras indican que la delincuencia común fue responsable del 57 por ciento de los secuestros durante el año pasado, las Farc del 23 por ciento, el ELN del 12 por ciento y las bandas emergentes del 7 por ciento.

    Según País Libre, de los 282 secuestros denunciados durante el año que concluyó, 188 casos correspondieron a secuestro extorsivo, es decir el 64 por ciento y 94 casos a secuestro simple, equivalentes al 36 por ciento.

    Según un comunicado, el 80 por ciento de los plagiados durante el 2010 fueron hombres y el 20 por ciento restante mujeres. Así mismo, el 99 por ciento fueron víctimas de nacionalidad colombiana y el 1 por ciento restante, tres 3 casos, fueron víctimas extranjeras: un suizo, un japonés y un norteamericano.

    Cuatro extorsiones diarias

    Es de resaltar que en Colombia durante el 2010 diariamente se extorsionó a cuatro personas, lo que arrojó un total de 1335 denuncias por este delito a nivel nacional.

    Tanto en extorsión como en secuestro, Arauca fue el departamento de Colombia que durante el 2010 registró un aumento alarmante. De 3 extorsiones pasó a 46 y de 8 secuestros pasó a 36.

    Señala la organización no gubernamental que el aumento de estos delitos en el departamento de Arauca obedece básicamente a que la presencia de las guerrillas de las Farc y el ELN en esta zona fronteriza del país es bastante fuerte y a que los diálogos entre los gobiernos de Colombia y Venezuela sobre seguridad en la frontera no han dado resultados.

    Después de Arauca, fueron los departamentos de Amazonas y Vichada los que en materia de extorsión mayor variación mostraron.

    Kidnapping in Colombia increased by 32 percent in 2010: Free Country


    In 32 percent increased the practice of kidnapping in Colombia during 2010, compared with 2009 figures at the national level, as revealed by the NGO Pais Libre.

    The figures indicate that common criminals were responsible for 57 percent of abductions over the past year, the FARC's 23 percent, the ELN's 12 percent and emerging bands from 7 percent.

    According to Pais Libre, of the 282 kidnappings reported during the year ended, 188 cases were kidnapping for ransom, or 64 percent and 94 cases of kidnapping, 36 per cent.

    According to a statement, 80 percent of the hostages in 2010 were men and 20 percent women. Likewise, 99 percent were victims of Colombian nationality and the remaining 1 percent, three 3 cases, victims were foreigners: one Swiss, one Japanese and one American.

    Four daily extortion

    It is noteworthy that in Colombia during 2010 was extorted daily four people, leaving a total of 1335 complaints about this crime nationally.

    Both extortion as kidnapping, was the department of Arauca Colombia, which in 2010 registered an alarming increase. From 3 to 46 spent extortion and kidnappings spent 8 to 36.

    The NGO notes that the increase in these crimes in the department of Arauca is due primarily to the presence of the guerrillas of the FARC and the ELN in the border area of the country is strong enough and that the talks between the governments of Colombia and Venezuela on border security have not yielded results.

    After Arauca, were the departments of Amazonas and Vichada those relating to extortion showed greater variation.

    3.) Continúan enredadas las cuentas de pago de deuda de Venezuela a exportadores: Analdex


    Los exportadores colombianos pidieron al Gobierno Nacional claridad frente al compromiso del presidente de Venezuela, Hugo Chávez, de cancelar 800 millones de dólares que adeuda a los empresarios.

    El presidente de Analdex, Javier Díaz Molina, aseguró que hasta el momento se han firmado pactos de pagos por 300 millones de dólares.

    Sin embargo, explicó que Venezuela está hablando de 530 millones de dólares por lo que las cuentas en los actuales momentos no cuadran para los exportadores colombianos.

    Por ello, pidió al Gobierno del presidente Juan Manuel Santos una reunión con las autoridades del vecino país con el fin de hacer claridad sobre el particular.

    De otra parte, el dirigente gremial expresó su preocupación por que el Cadivi anunció que no va a cancelar 200 millones de dólares con el argumento que esta deuda es producto de sobrefacturación.

    Continue tangled accounts Venezuela debt payment to exporters: Analdex


    Colombian exporters have asked the Government clearly against the commitment of President of Venezuela, Hugo Chávez, to cancel $ 800 million owed to employers.

    Analdex President, Javier Díaz Molina, said that so far have signed agreements to pay 300 million dollars.

    However, he explained that Venezuela is talking about $ 530 million so that the accounts at the present time do not add up to Colombian exporters.

    He therefore asked the government of President Juan Manuel Santos met with the authorities of the neighboring country in order to make clear on the matter.

    Furthermore, the union leader expressed concern that the Cadivi announced that it will cancel $ 200 million on the grounds that this debt is the result of overbilling.

  1. Gobierno inicia cierre de minas en el país


    El ministro de Minas, Carlos Rodado Noriega, anunció un plan de choque que se implementará a partir de este miércoles para erradicar la minería ilegal en el país y sancionar a quienes la practiquen.

    “Fue denominado Plan de Inspección Inmediata a través del cual realizaremos visitas sorpresa a cerca de 500 títulos mineros ubicados en Antioquia, Boyacá, Cundinamarca y Norte de Santander, de acuerdo a un ranking riguroso de los niveles de riesgo en materia de seguridad. La instrucción es clara y contundente: mina que no cumpla estándares de riesgos de seguridad será cerrada”, manifestó Rodado Noriega

    El Ministro agregó que este proceso de evaluación y cierre podría durar entre dos y tres meses.

    Government starts closing of mines in the country


    The Minister of Mines, Carlos Shot Noriega, announced an emergency plan to be implemented from Wednesday to eradicate illegal mining in the country and punish those who practice it.

    "It was called Immediate Inspection Plan through which we will make unannounced visits to about 500 mining titles located in Antioquia, Boyacá, Cundinamarca and Norte de Santander, according to a rigorous ranking of levels of security risk. Instruction is clear and forceful: mine does not meet standards of safety risks will be closed, "said Noriega Shot

    The Minister added that this process of assessment and closure could last two to three months.

  1. Bombed Colombia oil pipe seen offline for days-source

    09 Feb 2011 20:41

    BOGOTA, Feb 9 (Reuters) - A 48,000-barrels-per-day capacity Colombian oil pipeline was still not operating on Wednesday since workers had not reached the remote site where suspected rebels detonated bombs, a source at Ecopetrol said.

    The Transandino pipeline -- which transports crude from the southern Putumayo province near the Ecuadorean frontier to the port of Tumaco on the Colombian Pacific coast -- was halted by bomb attacks without affecting exports earlier this week.

    "They still haven't been able to reach the site," said a source at state-run Ecopetrol, Colombia's largest oil producer. The source said once the workers arrive, it should take around four days to repair depending on the damages.

    The 305-km (190-mile) pipeline moved an average of 25,000 to 30,000 barrels of oil per day (bpd) from fields in Putumayo through the Narino department on the coast.

    Colombia's leftist FARC rebels operate in Putumayo and neighbouring Narino as well as do some criminal groups. The smaller ELN guerrilla movement also has a presence in Narino.

    Colombia, now Latin America's No. 4 oil producer, has seen a sharp drop in violence from its long war as rebels have been battered by a U.S.-backed security offensive. But guerrillas still occasionally attack oil pipelines in remote areas.

  1. Realism tempers modernising zeal of popular leader

By John Paul Rathbone and Naomi Mapstone in Bogotá
Published: February 13 2011 21:54 | Last updated: February 13 2011 21:54

Colombia’s Juan Manuel Santos is riding high: a 90 per cent approval rating probably makes him the world’s most popular president.

“My kids say ‘Dad, congratulations’, but I tell them ‘Don’t be stupid! We can only go down’,” he jokes during an interview at the presidential palace.

If Mr Santos is nervous, he doesn’t show it, as befits a renowned poker player. Still, the pressures have taken their toll on the 59-year-old: his voice is husky from a recent bout of flu.

Since the self-proclaimed “extreme centrist” won last August’s elections with 70 per cent of the vote, Mr Santos has embraced the presidency with a modernising zeal and canny pragmatism.

Tensions have eased with Colombia’s unpredictable neighbour, Venezuelan president Hugo Chávez – who used to deride Mr Santos as a Yankee stooge but now calls him “my new best friend”.

Mr Santos’ first state visit was also to Brazil and he is yet to travel to the US – a profound shift of emphasis from his predecessor Álvaro Uribe, under whom Mr Santos served as defence minister.

While the US dithers over ratifying a long-delayed free trade agreement, Colombia is pursuing trade pacts with Japan and South Korea. A Canadian free trade pact, which could displace US grain exports to Colombia, is also about to be implemented.

“The fact there are other countries I want to have good relations with does not mean I am depriori-tising the US,” he says.

Meanwhile, Colombia’s successes under Mr Uribe’s administration in quelling narco-traffickers and leftwing insurgents has allowed the technocratic Mr Santos to unleash initiatives that aim to haul South America’s third biggest country into the 21st century.

“Too often in Latin America we spend 80 per cent of our time talking about the past, and only 20 per cent on the future. In Asia it’s the inverse.”

One sign of Mr Santos’ desire to swap that ratio around is his determination to upgrade Colombian infrastructure: currently, it costs as much to ship goods from China as it does to bring those goods from the coast to Bogotá. One particularly ambitious proposal would see the Chinese build an alternative to the Panama Canal.

“It all depends on how such [infrastructure] improvements are financed,” he comments, with an eye on Colombia’s budget. “If they can be done through foreign investment, via concessions, the sky is the limit.”

Another is his emphasis on social policies and fighting corruption in a country with one of the world’s highest levels of inequality. Congress is debating two laws to compensate victims of Colombia’s decades-long violence, and restitute land stolen by guerrillas or paramilitary groups during the fighting. “We have to heal wounds . . . it’s symbolic,”, he says.

Mr Santos acknowledges that his seven-month-old government, with its Nike-like “just do it” approach, may not be able to deliver all it has promised.

“There are many enemies [of reform],” he says. “I am aware of the dangers . . . It is a very difficult test.”

But Mr Santos is as hard-headed as he is ambitious. That is apparent in his take on drug legalisation: “I’m not a fundamentalist . . . But this has to be a multilateral approach.” In the meantime, “fighting drug trafficking is a matter of national security”, as it should be in the UK, Europe and west Africa.


  1. El Aissami: Tasa de homicidios es de 48 por 100.00 habitantes


    Caracas.- El ministro de Interior y Justicia, Tareck El Aissami defendió los logros del gobierno de Hugo Chávez en materia de seguridad presentando cifras según las cuales se han reducido las cifras en la materia en los últimos años. 

    "La tasa en Venezuela es de 48 homicidios por 100.000 habitantes, y sigue siendo alta porqué está por encima de la media en Latinoamérica, esa es la verdad con cifras oficiales", dijo El Aissami en respuesta al planteamiento del diputado William Barrientos de que renuncie a su cargo "por el fracaso de su gestión".

    Señaló que "en nueve estados se concentra el 75% del total de fallecidos por violencia (10.421 personas). Encabeza la lista el estado Miranda".

    El funcionario reveló cifras según las cuales en Miranda se produjeron 2.288 homicidios durante 2010; 1.935 en Carabobo; 1.700 en Distrito Capital; 1.063 en Aragua; 1.010 en Zulia; 728 en Lara; 625 en Bolívar; 529 en Anzoátegui y 507 en Táchira.

    Acusó al diputado Barrientos de manejar cifras inexactas del tema de la inseguridad y se refirió al caso del diputado José Sánchez "Mazuco". "Uno de los diputados que usted apoyó está sentenciado por homicidio", dijo.

    El Aissami aseguró que los homicidios han disminuido 10% en los 37 municipios donde ha habido operativos del Dispositivo Bicentenario de Seguridad.

    Puntualizó que entre 2009 y 2010 se redujo en 57% la tasa de delitos en Catia gracias a la Policía Nacional Bolivariana y agregó que se registró una disminución del 44% en los homicidios en la parroquia Sucre del municipio Libertador.

    Aseguró El Aissami que el Gobierno "no subestima" el problema de la inseguridad. "Siempre hemos reconocido que el problema de la inseguridad es prioritario para el Gobierno", dijo.

    Indicó el ministro que "en el tema de la inseguridad, los medios tienen responsabilidad en la alteración de la conciencia", destacando que "titulares sangrientos en diarios y programación de televisión incitan a la violencia".

    Destacó que se trata de un problema que viene arrastrándose desde el pasado. "No es posible hablar de inseguridad sin hablar de antecedentes. No se trata de competir ni compararnos con nadie, ni reducir el debate a un escenario cuantitativo, pues para quienes defendemos la causa humana y la integridad del ser humano una sola víctima es motivo para comprometernos en la búsqueda de la paz para todos y cada uno de nosotros", dijo.

    "La criminalidad es tan compleja, que no puede ser resuelta sólo por el Gobierno Nacional", agregó. 

    Dijo que la oposición "sabotea" los esfuerzos del plan Dibise. "No participan. Hemos pedido funcionarios y mandan uno".

    Calificó como un logro sin precedentes en materia de seguridad la creación de la Policía Nacional Bolivariana y aseguró que "para 2011 tenemos como meta formar 12.500 oficiales de la Policía Nacional y la construcción de 7 sedes".

    Armas para un país acechado

    Por su parte el ministro de la Defensa, general en jefe Carlos Mata Figueroa, defendió la política del Gobierno de invertir en armamento.

    "Creo que aquí no debe haber ningún diputado que tenga algo en contra del deber constitucional que tiene la Fuerza Armada Nacional. No creo que ningún diputado esté contra el principio constitucional de defensa", dijo.

    "Nos negaron repuestos y piezas y no podíamos quedarnos con los brazos cruzados. Teníamos que incrementar nuestro poder militar, somos un país acechado, con la mayor cantidad de petróleo", agregó.

    Oposición no hizo aportes para superar crisis

    El vicepresidente de la República, Elías Jaua, aseguró que la oposición no hizo ningún aporte para superar las "cinco crisis" que vivió el país en 2010 pese a que los excedentes producto del incremento del precio del petróleo fueron transferidos a las gobernaciones y alcaldías.

    "Todos los excedentes producto del incremento del precio del petróleo fueron transferidos en su totalidad a las gobernaciones y alcaldías del país", dijo Jaua durante su comparecencia ante los diputados de la Asamblea Nacional.

    Explicó que "en 2010 la Gobernación de Táchira tuvo 35,45% de incremento a su presupuesto asignado (…) la Gobernación de Miranda tuvo 35,45% de excedente en su presupuesto asignado (…) la Gobernación de Carabobo tuvo 34,45% de excedente en su presupuesto asignado"

    "Hemos podido sostener precios petroleros justos para sostener el presupuesto de la nación", enfatizó.

    The Aissami: Homicide rate is 48 per 100.00 inhabitants


    Caracas .- The Minister of Interior and Justice, Tarek El Aissami defended the achievements of the government of Hugo Chavez in safety with percentages according to which the figures have been reduced in this area in recent years.

    "The rate in Venezuela is 48 homicides per 100,000 inhabitants, and remains high because it is above average in Latin America, that's the truth to official figures," said El Aissami in response to the approach by Mr William Barrientos for his resignation responsible "for the failure of his administration."

    He noted that "in nine states for 75% of total deaths from violence (10,421 people). Topping the list is the state of Miranda."

    The official figures revealed in Miranda under which 2,288 were homicides during 2010, 1,935 in Carabobo, 1,700 in the Capital District, 1063 in Aragua, 1,010 in Zulia, Lara 728 in and 625 in Bolivar, Anzoategui and 507 529 in Táchira.

    Barrientos deputy accused of handling the item inaccurate figures of insecurity and referred to the case of Rep. Jose Sanchez "Mazuco." "One of the deputies who supported you is convicted of murder," he said.

    The Aissami said homicides have dropped 10% in the 37 municipalities where it has been operating Bicentennial Security Device.

    He noted that between 2009 and 2010 was reduced by 57% the rate of crime in Catia thanks to the Bolivarian National Police, adding that there was a 44% reduction in homicides in the parish of Libertador municipality Sucre.

    The Aissami said the government "underestimated" the problem of insecurity. "We have always recognized that the problem of insecurity is a priority for the government," he said.

    The minister said that "the issue of insecurity, the media have a responsibility to altered consciousness," noting that "bloody headlines in newspapers and television programs incite violence."

    He stressed that this is a problem that has dragged on for the past. "No one can speak of insecurity without speaking background. This is not to compete or compare ourselves with anyone, not reduce the debate to a quantitative stage, because for those who defend human reason and human integrity is one reason why victim engage in the pursuit of peace for every one of us, "he said.

    "Crime is so complex, that can not be resolved only by the national government," he added.

    He said the opposition "sabotage" the efforts of Dibis plan. "Do not participate. We have asked officials and they send you."

    Described as an unprecedented achievement in building up the Bolivarian National Police and said that "by 2011 our goal is to train 12,500 national police officers and the construction of 7 locations."

    Weapons to a country haunted

    For his part, Minister of Defence, Commander Carlos Mata Figueroa, defended the Government's policy to invest in weaponry.

    "I think we should not be any Member who has anything against the constitutional duty is military. Do not think any member is against the constitutional principle of defense," he said.

    "We were denied parts and pieces and we could not sit with folded arms. We had to increase our military, we are a country haunted, with the greatest amount of oil," he added.

    Opposition did not make contributions to overcome crisis

    The Vice President, Elias Jaua, said the opposition did not make any contribution to overcome the five "crisis" that the country experienced in 2010 despite the surplus product of the rising price of oil were transferred to states and municipalities.

    "Any surplus proceeds of oil price increases were fully transferred to states and municipalities in the country," said Jaua during his appearance before the National Assembly deputies.

    He explained that "in 2010 the Governor of Táchira was 35.45% increase to its budget (...) the Governor of Miranda had 35.45% of its budget surplus (...) the Governor of Carabobo was 34.45% surplus in its budget "

    "We were able to sustain oil prices just to support the national budget," he said.

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