How much do we subsidize the oil industry?

Peruvian oil industry

These measures have had a drastic economic and social impact on the European Union countries as a whole, so the European Council of July 21, 2020, aware of the need for a singular effort and an innovative approach to boost convergence, resilience and transformation in the European Union, agreed on a far-reaching package of measures, known as the European Union Recovery Facility (Next Generation EU) for an amount of 750. 750 billion, consisting of two instruments: the Recovery and Resilience Mechanism (hereinafter, RRM), and the Recovery Assistance for Cohesion and Territories in Europe (REACT-EU).

Furthermore, in compliance with the provisions of the Recovery Plan, Regulation (EU) 2021/241 of 12 February 2021, and its implementing regulations, in particular the Commission Communication Technical Guidance on the application of the “no significant damage” principle under the Recovery and Resilience Mechanism Regulation, as well as the requirements of the Council Implementing Decision of July 13, 2021, all actions financed under this Order must comply with the “Do no significant harm” (DNSH) principle. This includes compliance with the specific conditions set out in Component 13, Investment 5.2 in which it is framed.

Petroleum in peru

The petroleum industry includes global processes of exploration, extraction, refining, transportation (often through tankers and pipelines) and marketing of petroleum products. The largest volume products in the industry are fuels (fuel oil) and gasoline. Petroleum is the feedstock for many chemical products including pharmaceuticals, solvents, fertilizers, pesticides and plastics.

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Petroleum is an essential product for many industries, and is vitally important to the maintenance of industrialized civilization itself, so it is considered a critical industry in most nations. Oil fuels a very high percentage of the world’s energy consumption, ranging from 32% in Europe and Asia to 53% in the Middle East. In other geographic regions the energy weight of oil is as follows: South and Central America (44%); Africa (41%) and North America (40%).

Oil has been used since man’s early history as fuel for fire, and for warfare [citation needed]. Its great importance to the world economy developed, however, very slowly, with wood and coal being the main fuels used for heating and cooking, and whale oil the preferred fuel for lighting, until well into the 19th century.

Oil industry contamination

The discussion topic in this work of reflection attempts to reveal the relationship of unidirectional dependence between society, the state and the oil income in Venezuela, as well as the national imaginary that is re-created since the third decade of the 20th century, from the systematization of the most conspicuous factors that, on the one hand, gave rise to national modernization without the need for a modern society and that, on the other hand, led to a particular social and fiscal pact in Latin America, due to the state-national ownership of oil.

The discussion topic in this work of reflection attempts to reveal the relationship of unidirectional dependence between society, the state and the oil income in Venezuela. Likewise the national imaginary that was re-created from the third decade of the twentieth century, from the systematization of the most conspicuous factors that facilitated the national modernization without a modern society and led to a Social Pact and particularly a Fiscal Pact in Latin America, due to the state-owned national oil.

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Hydrocarbon industry

Article 1°.- (Scope) The provisions of this Law regulate hydrocarbons activities in accordance with the Political Constitution of the State and establish the fundamental principles, rules and procedures that apply throughout the national territory for the hydrocarbons sector.

The Holders that had entered into Risk Sharing Contracts to carry out Exploration, Exploitation and Commercialization activities, and had obtained licenses and concessions under the Hydrocarbons Law, No. 1689 of April 30, 1996, must compulsorily convert to the contract modalities established in this Law, and adapt to its provisions within one hundred and eighty (180) calendar days computable as from its effectiveness.

(Re-foundation of Yacimientos Petrolíferos Fiscales Bolivianos – YPFB) Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is hereby re-founded, recovering the State ownership of the Bolivians’ shares in the capitalized oil companies, so that this State Company may participate in the entire hydrocarbon production chain, restructuring the Collective Capitalization Funds and guaranteeing the financing of the BONOSOL.

How much do we subsidize the oil industry?
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