Venezuela will soon sell oil from the reserves of the state oil and gas company to its national oil crypto, Petro (PTR).
The President of Venezuela, Nicolas Maduro, has signed a decree on the sale of 4.5 million barrels of oil from certified reserves of 30 million barrels maintained by Petroleum of Venezuela (PDVSA), a state-owned company officially announced on 14 January.
According to PDVSA, Maduro announced this news in a speech to the National Assembly of the Constitution, the assembly elected in 2017 to draft a new constitution for Venezuela.
After the completion of the initial sale of 4.5 million barrels, the company will be selling 50,000 barrels per day, denominated in Petr, as an "exploration mechanism" for a stabilised coin based on oil. Maduro said that the process will be crucial for Petro's consolidation:
Moreover, Maduro also ordered that all aviation fuel used to cover international routes should be sold to Petro. The President said that this plan would allow Venezuela to "open the way to a new economy" and build a world of "peace and integration of nations, their happiness and improvement".
Maduro said that Petro will be an important tool in the country's fight against the Mafia.
