Venezuela’s Maduro Introduces Petro in Turkey

Instant Max AI

(Energy Analytics Institute, Piero Stewart, 14.Jul.2018) – Venezuela’s President Nicolás Maduro introduced ‘el petro’ during a presentation in Turkey.

Maduro reiterated that the Petro crypto-currency is based or backed by an entire block located in Hugo Chavez Orinoco Heavy Oil Belt, or the Faja, which contains more than five billion barrels of certified oil reserves, reported PDVSA in an official statement.

Its value is equivalent to the price of an oil barrel, he said.

Maduro added that Venezuela offered numerous opportunities to investors and invited businessmen to jointly work on oil, gas and mining projects in the South American country.

“I place it at your disposal to strengthen relations and accelerate investments between Venezuela and Turkey,” he added during meetings with representatives from Turkish private and public companies.
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