50-50 Agreement Between Saudi Arabia And Aramco

The proposed law was criticized by members of the Acción Democrática, the liberal/socialist party founded by the survivors of the 28 generation. They claimed that the written law would result in a split of well under fifty for Venezuela, and they argued that Venezuela should be compensated for past profits made by the companies. “The complete cleansing of the Venezuelan oil industry, its ritual cleansing, will remain impossible until the companies pay adequate financial compensation to our country,” said Juan Pablo Pérez Alfonzo, Acción Democrática`s oil spokesman. Despite the abstention of the deputies of Acción Democrática, the Venezuelan Congress adopted in March 1943 the new oil law that firmly anchors the agreement. When he finally came to power, Venezuela`s Generation 28 would be the basis for redefining the relationship between oil companies and producing countries, between tenants and landlords around the world – as well as the methodology of rent redistribution. . . .