Deputy Jesús Fanía: Hydrocarbons Law opens a new cycle of growth and well-being for Venezuela

Published at: 30/01/2026 05:52 PM

With the entry into force of the Organic Hydrocarbons Law, oil expansion will be achieved, which generates a multiplier effect on the country's economy that benefits small, large and medium-sized companies, as well as the public and private sectors and enterprises, said yesterday the deputy to the National Assembly (AN), Jesús Fanía.

In the program Café en la Mañana, broadcast by Venezolana de Televisión (VTV), he specified that the law will allow new investments and an increase in oil production, so he emphasized the importance of working on the soundness of strategic public services such as water and electricity.

He stressed that the legal instrument will facilitate the extraction, production and sale of oil, and transform that wealth into social welfare, development of productive forces and consolidation of economic and national independence.

Faria explained that in Venezuela, an oil distribution model has been established for the benefit of citizens, accompanied by new investments that will generate development in areas of health, education, works and public services.

The deputy also pointed out that oil revenues will be translated into credits, projects and investment programs in areas other than the energy sector, with the objective of promoting companies that transform not only hydrocarbons, but also other industries.

He stressed that with this law a new period begins for the country, in which Commander Hugo Chávez's path continues, for the development of productive forces, the well-being of the population and economic independence.

“A new period begins where we are going to resume the path taken by Commander Chávez, which was cut short by the economic blockade. It has been adapted to the new conditions and current demands after the effects left by the illegal economic blockade against the nation, for the development of productive forces, increased well-being for our people and the consolidation of economic and national independence,” he emphasized.

He also reiterated that oil expansion will generate multiplier effects on the rest of the economy that benefits small, large and medium-sized companies, as well as the public, private and entrepreneurial sectors.

He added that “it is the Bolivarian Revolution that establishes these mechanisms and parameters so that they can be invested in a way of life that corresponds to what Commander Chávez said.”

The parliamentarian stressed that it will also have an impact on the agricultural sector in Venezuela, which has increased exponentially in the last five years and has guaranteed food sovereignty.

Mazo News Team