Venezuela has signed its first contract to export liquefied petroleum gas, or LPG, Acting President Delcy Rodríguez said Friday.
“Today, for the first time in our history, a contract for the marketing of LPG, of gas, has been signed,” Rodríguez said from an event aired on State TV. “We are delivering on our promise to President Maduro and to our people.”
Venezuela produces LPG at its José refining complex in eastern Venezuela. Output has fallen in recent years because of disinvestment and frequent accidents, contributing to shortages that have hit households across the country.
Much of Venezuela's gas supply is associated gas, produced alongside oil. Some companies already operate projects to use that fuel, but most of it is currently flared.
Expanding gas exports would require political coordination with the US following the capture of Nicolas Maduro by President Donald Trump's administration.
The move comes as Rodríguez seeks to recast Venezuela as open for foreign investment, loosening long-held restrictions on the energy sector as her government adapts to a new political reality after Nicolas Maduro's ouster.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
