White House Publishes Details on Venezuela Deal

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Details include:

1. The 17 fields contain ~65 billion barrels of proven oil reserves

2. The US government receives a 35% equity stake in NABEP's parent company at "zero cost to taxpayers"

3. The US receives the right to purchase 20% of all current and future production at production cost

4. The US also receives the right of first refusal to purchase the remaining 80% of production

5. The US government receives veto power over board appointments, while a majority of NABEP's board must be US citizens

6. NABEP plans to invest up to $100 billion into Venezuelan oil infrastructure to rapidly increase production

7. Venezuela is expected to receive ~$200 billion in royalty and tax payments over the first 25 years

The White House is calling this the "biggest oil deal in world history."

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