Abstract
ABSTRACT In 1992 umprecedented measures were adopted in Venezuela to enhance the national environmental legislation: existing regulations regarding air and water pollution control, waste management, environmental impact studies and others were amended, and a new law establishing penalties against environmental offenses was adopted. Also, a mayor step in the involvement of public, environmental and industry organizations in policy development and implementation was made with the creation of a National Environmental Regulation Committee, which will review the existing regulations and will propose new ones. Petróleos de Venezuela, S.A. (PDVSA), the state oil company, contributed to the development of the new environmental measures, which allowed the company to review their strategies and to prepare a mid-term investment plan to comply with the emerging regulatory requirements. This paper summarizes the more significant aspects of the new environmental measures, the implications for PDVSA and a brief description of the company's mid-term investments in environmental proyects. PDVSA has invested US$ 350 millions in the last 5 years to meet the requirements of the Venezuelan regulations, and have planned to invest US$ 800 million for the period 1994-2000.
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