Venezuela’s Maduro pledges to permit oil, mines development in disputed territory

Maduro’s pledge to permit development around the Esequibo river came after his government held a referendum over the weekend where voters rejected the ICJ’s jurisdiction over the disagreement and backed creating a new state in the territory. Though Maduro has repeatedly said the referendum is binding, the ICJ – whose overall ruling on the case could be years away – last week barred Venezuela from taking any action which changes the status quo in the oil-rich region. State oil company PDVSA and state iron and steel maker CVG will create divisions for the disputed region, Maduro said. Full Text -> Reuters

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