Road

A TEEN singer who starred on The Voice Kids has been killed after she was struck by a hit-and-run driver who fled the scene.

Nicole Valeria Vargas Gomez, 19, died in the horror crash in Quindio, Colombia.

She appeared on Colombia’s edition of The Voice Kids in 2019.

William Andres Paipa, 40, also died in the collision.

Cops said the pair were crossing the road when an unidentified vehicle smashed into them out of nowhere.

The impact threw them through the air onto the opposite side of the road.

Local police confirmed that the driver did not stop the help William and Nicole, but fled the scene.

They are now hunting down the vehicle which caused the deadly crash.

Nicole was studying Business Administration student at the University of Quindío.

The university said in a statment: “Nicole was a young woman committed to her academic training and to the cultural life of our alma mater.

“From the classrooms and also from the stages, she left her mark through her discipline, sensitivity and deep love for art.

“As a member of Coranto, she always carried the name of the University of Quindio with honour to every meeting and performance.”

Road accidents, often linked to speeding, claim thousands of lives each year in Egypt.

A collision between a truck and a passenger pick-up in Egypt’s northeastern Port Said province has left 18 people dead, mostly fishermen, and three others injured, according to reports.

The crash at approximately 12:30pm local time (10:30 GMT) on Thursday occurred on the 30 June Axis highway, to the south of Port Said, according to Egypt’s state-run Al-Ahram newspaper.

Survivors of the collision are being treated in hospital, and public prosecutors have launched an investigation into the circumstances of the accident, according to Al-Ahram.

Images from the scene of the accident posted online showed the aftermath of the crash, with a pick-up truck crushed between two large cargo trucks and debris scattered across the road, The Associated Press (AP) news agency reports.

AP said the pick-up truck was transporting fishermen to work at fish farms in the coastal Port Said area.

Attending the inaugural meeting of United States President Donald Trump’s Board of Peace in Washington, DC, on Thursday, Egyptian Prime Minister Mostafa Madbouly sent his condolences to the victims of the collision and ordered that financial assistance be provided to relatives of the deceased and injured.

Madbouly said in a statement posted on Facebook that he was following up on the incident through reports from the governor of Port Said province.

Deadly road accidents are common on Egypt’s roads and claim thousands of lives each year in crashes often involving microbuses and heavy trucks. Speeding, poor road conditions, and lax enforcement of traffic laws have been cited as contributing factors in collisions.

In June last year, a truck collided with a minibus, killing 19 people, most of them teenage girls, according to local officials.

WASHINGTON — Before a Mt. Rushmore-like painting of seven revered and deceased black heroes, a tuxedoed Bill Clinton stood in a darkened hall recently to describe himself to an audience of black Americans.

The 10-minute speech by the Democratic presidential nominee to the Congressional Black Caucus Foundation Dinner in Washington expressed a simple, direct and unspoken–though clearly understood–contrast to the last 12 years. Clinton did not have to spell out a course of action to win their support.

Rather, he swore to the 4,000 black diners that if they helped him fulfill his quest to win the presidency, he would provide “full participation, full partnership” in a Clinton White House.

“If I change my address, I will only be a tenant there,” he said. “You still own the place, and I want you to act like it.”

For Clinton, the moment was special only because it occurred in the harsh glare of a spotlighted public gathering. More typical of his efforts to court black support was the private, closed-door fundraiser held hours earlier and a few blocks away at a downtown Washington art museum. That reception, hosted by some 60 affluent black American business owners, produced $600,000 for the Arkansas governor.

“This was a historic event,” Rodney Slater, one of Clinton’s top black aides, said immediately after the fund-raiser. “This represents the fact that African-Americans want to be key players in the Clinton Administration. When they can raise that kind of money–that’s more than African-Americans have ever raised for anybody–you can bet the candidate will pay attention to them.”

Like all contemporary Democratic presidential candidates, Clinton is counting on overwhelming support from the nation’s black voters to propel him to victory. But to achieve that, he has taken a significantly different approach than the party’s previous nominees.

Clinton has avoided offering himself as a benefactor of black Americans through dramatic, highly publicized appeals to them or by proposing a host of social programs. Rather, the Arkansas governor has conducted an almost stealth-like campaign within black communities, quietly collecting chits from influential leaders and middle-class blacks while limiting efforts directed at poor, ghetto-dwelling African-Americans. And in targeting middle-class blacks, he has tried to blend their political and economic concerns into the same mix of issues aimed at attracting the highly coveted white suburban voting bloc.

He has done this in order to claim a larger share of the white vote–especially suburban white males, who polls have suggested viewed previous Democratic presidential candidates as too eager to genuflect to black demands. No Democrat since Lyndon B. Johnson in 1964 has won a majority of the white vote, a major reason the party has lost all but one presidential election since then.

With this strategy, Clinton sought to give his campaign an inclusive middle-class cast, effectively defusing race as an issue and avoiding the need to reassure white voters that he would not unduly bend toward poor and needy blacks.

Surprisingly, as Clinton has pursued this strategy, polls have shown he has garnered increasingly enthusiastic support from black voters. A recent survey of 850 blacks by the Washington-based Joint Center for Political and Economic Studies showed more than 80% giving Clinton highly favorable marks on questions of knowledge, fairness and leadership.

In fact, if there has been any genius–or luck–to Clinton’s handling of black voters, it has stemmed from amplifying the hard-edged pragmatism with which many black political leaders and their constituents approached the 1992 campaign. Minimizing conflict within their ranks, they have kept their eyes fixed on the prize: returning a Democrat to the White House. And Clinton appears to have been the beneficiary of this growing political maturity among black voters.

“We’re smart,” Rep. Maxine Waters (D-Los Angeles), one of Clinton’s earliest and most important black backers, said recently. “We know where our best interest lies. Even if it means that we campaign a little bit differently and not in the ways that we have before, we are out to win, and we can win with Bill Clinton.”

Overall, blacks make up about 1-in-6 of Clinton’s voters, according to recent polls. In the final Times national pre-election poll, released last week, he was favored by 78% of black voters, with President Bush and independent candidate Ross Perot each backed by 9%.

Many of these voters are the legacy of the Rev. Jesse Jackson’s unsuccessful 1984 and 1988 campaigns for the Democratic presidential nomination, which excited political passions among blacks and swelled voter registration rolls within their communities.

Democratic nominees Walter F. Mondale in 1984 and Michael S. Dukakis in 1988 each publicly enlisted Jackson to their cause in hopes of gaining the allegiance of his followers. But while both Mondale and Dukakis harvested the vast majority of black votes cast in their respective races, neither was able to generate a huge turnout by African-Americans. That was especially apparent four years ago, when the failure of blacks to turn out in large numbers was seen as a major reason Dukakis lost close races to then-Vice President Bush in several states, including Illinois, Pennsylvania, Maryland and Missouri.

Clinton, during most of his campaign, took the alternative approach of keeping Jackson at arm’s length while beckoning an aspiring breed of black leaders to supplant him as a link to black voters.

Among the first black officials to join the Clinton cause early in the primary season–at a time when Jackson’s disdain for the Arkansas governor was undistinguished–were Reps. John Lewis of Georgia, Mike Espy of Mississippi and William J. Jefferson of Louisiana.

These three, like others, are not especially well-known nationally. But for the Clinton camp, what counts is that each commands strong and favorable name identification among blacks in their home states. And while in large measure these politicians offered their early support based on their association with Clinton as a fellow Southerner, it also reflected the new pragmatism among them.

Waters, a national co-chairwoman of the Clinton campaign, most vividly illustrates this phenomenon, given her past close ties to Jackson. Echoing countless other black elected officials, she makes clear that winning the White House is what matters to her this year, not the strategy the candidate employs to get there.

“I don’t question it at this point,” she said. “I want George Bush out of the White House so bad, I’ll buy (Clinton’s) strategy.”

Like Waters, Rep. Craig Washington (D-Texas) is unconcerned about Clinton’s primary focus on white, middle-class, suburban voters.

“He needs to go where he can get votes that I can’t get for him,” Washington said. “The fact that he doesn’t come into black churches every Sunday and that he doesn’t campaign in black communities (to avoid) turning off Joe Willie Six-Pack doesn’t bother me. He doesn’t want to send them back to help the Republicans.”

Linda Faye Williams, associate professor of government and politics at the University of Maryland, said statements like those from black elected leaders–most of whom were faithful Jackson supporters in the past–reveals the “12 years of pent-up leadership hopes” among black leaders.

She also said that “many black elected officials chafed during the last two (presidential) elections over their own roles as leaders because Jesse was always the one out front. Clinton has answered their prayers by giving them room to maneuver.”

Ironically, in the campaign’s final hours, Clinton finds himself more dependent on black votes in some key states than many of his advisers anticipated. As many polls have shown the race tightening, the Arkansas governor’s fate appears increasingly tied to a heavy turnout among traditional Democratic constituencies, including blacks.

That’s especially true in two key regions. It appears Clinton needs a high black turnout in the Midwestern battleground states of Michigan and Ohio–where blacks cast 8% and 12%, respectively, of the votes four years ago–and in such hotly contested Southern states as Georgia and Louisiana, where blacks constituted about a fifth of the vote in 1988.

These political realities have helped lead to a rapprochement between Clinton’s campaign and Jackson. The campaign is hoping Jackson can help spur a big turnout among blacks for the Democratic ticket. And the civil rights leader, for his part, is quietly cooperating in hopes of gaining clout.

Meanwhile, some blacks have remained lukewarm toward Clinton, worrying that his campaign strategy will serve only to get him elected without demonstrating a real commitment to helping poor blacks. These leaders were distressed that the well-publicized bus tours that helped define the Clinton campaign immediately after the summer’s Democratic National Convention focused on small towns and rural America, where the crowds were made up mostly of white faces.

“We’re going to have to put a lot of pressure on Brother Clinton once he gets in the White House,” said Cornell West, director of Afro-American studies at Princeton University. “I hope he wins, but I recognize he’s not a true warrior for our cause.”

After a flurry of complaints that the campaign was avoiding black voters and ignoring their issues, Clinton’s staff squeezed in time for him to campaign a few weeks ago with a delegation of black congressional leaders as they barnstormed several Southern states in a get-out-the-vote effort sponsored by the Democratic National Committee.

Still, the bus trip failed to quell all of the concerns. Even some of those who joined in the journey dubbed it “The Back of the Bus Tour.”

Reporting from Sacramento — For all of the unprecedented elements of President Trump’s federal budget plans, there’s an item buried in the list of detailed spending cuts that has a familiar, contentious political legacy in California.

Trump has proposed canceling federal government subsidies to states that house prisoners and inmates who are in the U.S. illegally. He’s not the first president to try it, and undoubtedly will get an earful from states like California.

For sheer bravado, the award for defending that subsidy probably goes to former Gov. Pete Wilson. In a letter sent to federal officials in 1995, two days after Christmas, Wilson threatened to drop off one of the state’s undocumented prisoners — in shackles, no less — on the doorstep of a federal jail. (He never actually did it.)

“The intent of federal law is unequivocal,” Wilson wrote about the subsidy program. “The federal government must either reimburse the state at a fair rate for the incarceration of any undocumented inmate which it identifies or… take the burden of incarceration off the state’s hands.”

Wilson had won a second term the year before, with a blistering campaign attacking illegal immigration. His time in office was also marked by persistent state budget problems, and the money mattered. The state never got as much as it wanted, though, and years of squabbles followed over the fate of the State Criminal Alien Assistance Program, established as part of the sweeping immigration reforms of 1986.

Former Gov. Arnold Schwarzenegger did his fair share of complaining about skimpy SCAAP funding. In 2005, he and a bipartisan group of western U.S. governors demanded a boost in the program to a total of $850 million. That didn’t happen.

The past two presidents, George W. Bush and Barack Obama, offered their own proposals to cancel the program. Trump’s budget scores the possible savings at $210 million. His budget blueprint lampoons SCAAP as “poorly targeted,” and describes it as a program “in which two-thirds of the funding primarily reimburses four states” for housing felons who lack legal immigration status.

Want to take a guess which state gets the most? OK, that’s an easy one.

California’s state government received $44.1 million in the 2015 federal budget year, according to Justice Department data. Add to that another $12.8 million that was paid directly to California counties, with the largest local subsidy being the $3 million paid to the Los Angeles County Sheriff’s Department.

More than one-third of the entire program went to California. No other state’s share was even close. A win on this issue for the president would be particularly bitter for the state, where political animosity toward Trump is widespread.

Political Road Map: There’s a $368 billion reason that California depends on Washington »

In Gov. Jerry Brown’s budget unveiled last month, he assumed $50.6 million in federal help for prison costs related to felons in the U.S. illegally. A budget spokesman for Brown said the governor will ask for help from the state’s congressional delegation in saving the program. Still, it’s safe to say the estimate is now in doubt.

Roll back the clock, though, and take a look at how this political debate has changed. Wilson’s legacy on illegal immigration cast a long shadow as candidate Trump promised to go after “bad hombres” who are illegally in the country. The president’s official plan, by most estimates, would go even further.

When President Obama tried to nix the subsidy, conservatives warned it would endanger public safety. So far, few are making the same case now that it’s coming from Trump — a curious development, given California’s most famous illegal immigration critic once insisted the program was essential.

john.myers@latimes.com

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Derrick Taylor won four City Section titles coaching basketball at Taft High. He won a Southern Section 3A title coaching at St. John Bosco and a Division II state championship with the Braves. So when he decided to come out of retirement and coach at Blair this season, you knew something good might happen.

On Friday night, Blair continued its run in the Southern Section Division 4 playoffs by upsetting No. 1-seeded Bonita 79-71. Jaleel Hunter had 14 points and 20 rebounds.

Blair lost its top player, Tim Anderson, who transferred to Pasadena. The team started 0-4. Now the Vikings are 21-9 and playing in the Division 4 quarterfinals on the road against Trabuco Hills on Tuesday.

Taylor lost his job at Taft in 2023 after guiding the Toreadors to an Open Division title. He briefly was going to coach at Gardena Serra, then stepped down for health reasons.

Things quickly have turned around for Blair, but it comes as no surprise to those who’ve seen what Taylor can do.

This is a daily look at the positive happenings in high school sports. To submit any news, please email eric.sondheimer@latimes.com.

CCTV video captured the moment a huge sinkhole swallowed part of a busy road in Shanghai, China on Wednesday. Authorities said the cause was a leak at a subway construction site.

The “scariest” road in Britain can be a nightmare to drive up in winter, as it has steep hairpin bends, minimal barriers, and it climbs from sea level to 2,053 feet very quickly

Britain boasts some of the world’s most spectacular countryside, but reaching its more isolated spots often means braving some genuinely hair-raising roads. The Bealach na Bà pass, nestled in the Applecross peninsula of the Scottish Highlands, is widely regarded as the most terrifying road in the entire country.

The route is renowned for its absolutely stunning vistas, where mountains, glens and sea converge in a single panorama, with mist drifting across the peaks. Yet motorists are cautioned against being distracted by the scenery – the narrow single-track road features minimal safety barriers and climbs from sea level to 2,053 feet over a remarkably short stretch.

The route includes several extremely steep hairpin turns demanding exceptionally careful driving, whilst Scotland’s notoriously wet weather only heightens the peril.

During the winter months, the road regularly closes due to snow and ice. Even when conditions are milder, it’s best left to experienced and confident motorists only.

As you initially approach the road after departing Applecross village, a prominent sign warns learner drivers, large vehicles and caravans against attempting the crossing, directing them towards a safer alternative route, reports the Express.

The road appears straightforward for the opening mile before beginning to wind as you ascend the mountainside. Sheep are frequently spotted grazing alongside certain stretches of the route.

Motorists are warned of a perilous drop just off the edge, and the wind, which reportedly becomes increasingly unsettling as you ascend, only adds to the trepidation.

The challenge of manoeuvring around tight bends, avoiding wildlife, and dealing with foggy conditions makes this journey a truly daunting one – made all the more so by the fact that turning back is virtually impossible due to the numerous twists in the road.

However, upon reaching the summit, the road levels out slightly, revealing a stunning vista of the Isle of Skye, one of the most breathtaking sights the Highlands have to offer.

On Tripadriver, Bealach na Ba Road generally receives positive reviews for its scenic beauty, but almost every review cautions that it’s a terrifying drive not suited for the faint-hearted.

One reviewer, Lesley, commented: “Scariest drive in Scotland but the most scenic. This is a wonderful drive, but one which will tax even experienced drivers.”

Another woman advised: “Road probably stunning in fine weather, but my advice is that you need to be able to see the top, and it’s not likely to be covered in cloud or mist, as this was one of the scariest drives I have ever done and it was not something I will be doing again anytime soon.”

A different user added: “Should be avoided if narrow passing places, hairpin bends and steep drops worry you. However, for those who stick with it, the view from the top is absolutely breathtaking.”

The oldest road remains a popular National Trail for walkers, cyclists and horse riders exploring 5,000 years of history

Britain’s oldest road boasts an incredible 5,000-year history and continues to attract travellers to this day. The Ridgeway is widely acknowledged as the nation’s most ancient route, and even ranks amongst the world’s oldest roads.

Stretching 87 miles from Avebury in Wiltshire to Ivinghoe Beacon in Buckinghamshire, this historic elevated pathway has served countless generations, from prehistoric times through Roman, Saxon and medieval periods. Whilst much of The Ridgeway is now off-road, it remains a beloved public trail.

Travellers along the route can discover Neolithic long barrows, Bronze Age round barrows, Iron Age hillforts and admire striking white chalk figures carved into the hillsides.

These days, visitors can tackle the route on foot, by bicycle or on horseback. For those wanting to complete the entire distance, it’s achievable in under a week.

As one of Britain’s shorter National Trails, The Ridgeway frequently serves as an ideal starting point for newcomers to long-distance walking. At a pace of 15 miles daily, walkers can finish it in six days, reports the Express.

Numerous campsites dot the route, alongside B&Bs and lodges for overnight stays.

The trail begins in Avebury and heads in a north-easterly direction.

According to National Trail: “West of the River Thames, The Ridgeway is a broad track passing through the North Wessex Downs Area of Outstanding Natural Beauty (AONB) and is often quite a distance from villages or towns.”

They added: “East of the Thames, The Ridgeway travels through the more wooded and intimate hills and valleys of the Chilterns AONB where, as well as further archaeological treasures, there are several nature reserves rich in the wildlife found in chalk grassland habitats.

“In the Chilterns, The Ridgeway goes close to or through several villages and small towns where refreshments and other facilities are easily available.”

Walkers can experience the Ridgeway throughout the year, though spring to autumn offers the finest views, weather and wildlife spotting opportunities.

Those tackling the trail in May are frequently treated to a spectacular bluebell carpet across the Chiltern woodlands.

MILAN — Italian police fired tear gas and a water cannon at dozens of protesters who threw firecrackers and tried to access a highway near a Winter Olympics venue Saturday.

The brief confrontation came at the end of a peaceful march by thousands highlighting the environmental impact of the Games and the presence of U.S. Immigration and Customs Enforcement agents in Italy.

Police held off the demonstrators, who appeared to be trying to reach the Santagiulia Olympic ice hockey rink. By then, the larger peaceful protest, including students and families with small children, had dispersed.

Earlier, a group of masked protesters had set off smoke bombs and firecrackers on a bridge overlooking a construction site about half a mile from the Olympic Village that’s housing about 1,500 athletes.

Police vans behind a temporary metal fence secured the road to the athletes’ village, but the protest veered away, continuing on a trajectory toward the Santagiulia venue. A heavy police presence guarded the entire route.

There was no indication that the protest and resulting road closure interfered with athletes’ transfers to their events, all on the outskirts of Milan.

The demonstration coincided with U.S. Vice President JD Vance’s visit to Milan as head of the American delegation that attended the opening ceremony Friday, during which Vance was booed.

He and his family visited Leonardo da Vinci’s “The Last Supper” closer to the city center, far from the protest that denounced the deployment of ICE agents to provide security for the U.S. delegation. ICE has drawn international condemnation for its role in the Trump administration’s aggressive immigration crackdown in U.S. cities, including the fatal shooting of two people in Minneapolis last month by ICE and U.S. Border Patrol agents.

U.S. Homeland Security Investigations, an ICE unit that focuses on cross-border crimes, frequently sends its officers to overseas events like the Olympics to assist with security. The ICE arm at the forefront of the immigration crackdown in the U.S. is known as Enforcement and Removal Operations, and there is no indication its officers are being sent to Italy.

At the larger, peaceful demonstration, which police said numbered 10,000, people carried cardboard cutouts to represent trees felled to build the new bobsled run in Cortina d’Ampezzo. A group of dancers performed to beating drums. Music blasted from a truck leading the march, one a profanity-laced anti-ICE anthem.

“Let’s take back the cities and free the mountains,” read a banner by a group calling itself the Unsustainable Olympic Committee. Another group called the Assn. of Proletariat Excursionists organized the cutout trees.

“They bypassed the laws that usually are needed for major infrastructure projects, citing urgency for the Games,” said protester Guido Maffioli, who expressed concern that the private entity organizing the Games would eventually pass on debt to Italian taxpayers.

Homemade signs read “Get out of the Games: Genocide States, Fascist Police and Polluting Sponsors,” the final one a reference to fossil fuel companies that are sponsors of the Games. One woman carried an artificial tree on her back decorated with the sign: “Infernal Olympics.”

The demonstration followed another recently at which hundreds protested the deployment of ICE agents.

Like that protest, demonstrators Saturday said they were opposed to ICE agents’ presence, despite official statements that a small number of agents from an investigative arm would be present in U.S. diplomatic territory, and not operational on the streets.

Barry and Rosa write for the Associated Press.

The impact the Rodríguez administration could have on the Venezuelan oil industry, even under the new Hydrocarbons Law, would be unsustainable and limited in scope. Structural weakness surrounding the Delcy government and the National Assembly’s lack of legitimacy, commitment to the rule of law, and popular support will restrain the reach of her reforms. Nevertheless, the law will test the willingness of the private sector to run both upstream and downstream operations. These measures could deliver a limited economic boost, that despite American supervision, will be weaponized politically by window-dressing the regime’s legitimacy and stalling further political and economic reforms. It’s precisely this flawed political and legal foundation that undermines the sustainability of the economic gains that the new law could provide.

For Venezuela and PDVSA to reclaim relevance in the international oil market what is required are not incremental improvements but a comprehensive overhaul of the industry, the company, and the constitutional framework that ties them together. The reforms must prioritize transparency, accountability, and insulating the industry and PDVSA from political pressures under strong political coverage that provides long term stability. These measures are something an interim administration, independent of who is in charge, will be unable to provide. Only then would international companies and capitals commit to the long term projects needed.

Once the country finds its political footing under a popularly elected and legitimate government can longlasting and durable reform take place. At this point multiple options may surface. There could be a scenario where we see PDVSA take a back seat while the country creates a competitive fiscal system prioritizing royalty collections while up and downstream operations are run by private enterprises. Remaining PDVSA assets and JV operations would be divested gradually as production capacity is recovered in the hands of private enterprises. However, revitalizing PDVSA as a competitive oil company should remain as a national strategic objective. Venezuelans would greatly benefit from building a company able to compete in and outside of the Venezuelan market.

However, the only way to relaunch PDVSA as a relevant actor in the international market is by allowing it to enter the 21st century oil dynamics and embracing a partial privatization via a minority share offering in international equity markets. Beyond the much needed capital that would be raised in the initial and consequent secondary offerings, plus the potential to tap debt markets along the way, going public will create an additional moat and isolate the company some steps from further political interference. A publicly traded PDVSA would not only need to answer to the government but to energy analysts, independent shareholders, and international compliance and regulatory frameworks alike. It will be the pressure generated by the external scrutiny that will enable PDVSA to be scaled up back into international relevance. Given the precarious financial and operational standing of the holding, a partial privatization is not feasible on day one or two of a political transition and economic recovery phase. But it is a question that will become relevant once the objective becomes long sustainable growth.

PDVSA would need to cut all non-essential personnel and assets, streamlining its operations. Every dollar spent should be evaluated under a return-on-capital framework, making financial discipline central to strategic planning.

The privatization of PDVSA has been a taboo for Venezuelan society despite serious attempts in late 1990s to execute such an operation. However, the devastation that the industry suffered under chavista mismanagement provides a clean slate opportunity to relaunch PDVSA and the oil industry under a modern governance framework. For too long the Venezuelan oil industry has been treated as the cash cow of whoever seats in Miraflores. Historically, this led to the centralization of political and economic power which hindered the development of democratic institutions and left the nation at the will of the administration’s oil revenue distribution policy. Taking control of PDVSA not only meant controlling the oil industry but the state itself. Reforms should aim to break the petro-state monopoly over oil revenue and to make PDVSA part of a dynamic national industry where other participants are allowed to play.

There are multiple precedents to back this move. Lessons from the partial privatizations of Chinese SINOPEC and Norwegian Statoil from the early 2000s could be drawn to prove that these operations are possible under different political systems. A PDVSA offering would be exceptionally complex, but in order to even start considering it there are three basic fundamentals that need to align.

First, the move would need overwhelming support from civil society to sustain the necessary political will. While that looks like a concrete goal in María Corina Machado’s energy proposals, the possibility seems remote under an interim Delcy government that still needs to appease other factions within the ruling coalition. In addition, chavismo’s current leader has not adhered to international transparency standards following her 2020 appointment as acting Minister of Economy and Finance—a role that earned her the title of Venezuela’s economic vice president before taking control of the national oil industry. Her tenure overlapped with the loss of an estimated $21 billion in oil payments, a scandal that ultimately led to the arrest and scapegoating of former Oil Minister Tareck El Aissami.

Second, Petróleos de Venezuela needs a robust rule-of-law framework that can deliver credible guarantees to investors The current interim president is unlikely to provide such assurances, given the deep mistrust surrounding Venezuela’s public institutions—many of which she does not fully control. As Juan Guillermo Blanco points out, her posture may swing from alignment with Washington on this occasion to an anti-imperialist rupture if the circumstances allow it.

Shifting to global best practices

PDVSA cannot move forward without the goodwill of the market. Francisco Monaldi has repeatedly stated that the main risks of Venezuelan oil are above ground. Beyond the politics, sanctions, and the legal framework, PDVSA needs to get its house in order to regain market credibility. For starters, the holding needs to address its debt issue—estimated at $34.5b—through an agreement where debtholders walk away feeling it was a fair deal. Without serious debt restructuring, a share offering roadshow would be impossible.

The company must also cut all non-essential ventures, subsidies, and social project funding from the nucleus. From PDVAL supermarkets to F1 teams, PDVSA bankrolled it all during chavismo. Despite how bizarre the outflows party got, these types of splurges and subsidies have been ingrained in the Venezuelan mindset and will be hard to get rid of. Such measures would represent a comprehensive detachment from century-old beliefs in the magical powers of the Venezuelan petro-state.

Furthermore, PDVSA would need to cut all non-essential personnel and assets, streamlining its operations. Every dollar spent should be evaluated under a return-on-capital framework, making financial discipline central to strategic planning. In addition, investors and banking partners must be able to track every dollar. Auditable records are not only essential for building reliable financial projections but also necessary for protecting stakeholders from anticorruption liability. This underscores the need for a new framework of transparent, efficient contract allocation and fully auditable accounting trails, ensuring that financial statements can withstand market scrutiny and compliance verification.

Making an example out of Petróleos de Venezuela would help generate a spillover effect that could contribute to more transparency, financial discipline, and compliance across the domestic market.

Figures such as the “productive participation contracts” (CPPs) or joint ventures that currently dominate private investments in the industry are compatible with this model as PDVSA should seek alliances in cases where it makes financial sense to do so. However, the secrecy under which these ventures have been working on needs to end.

Finally, PDVSA will need to bring in an independent leadership team and board with enough protection to isolate operational and financial decision-making from politics. Venezuela would be represented in the board as the majority shareholder, but would be restrained from running the day-to-day business operations and resource allocation. Studies that examine initial offerings of National Oil Companies (NOC) suggest that a substantial amount of the efficiency gains are delivered before an IPO is launched, as the company restructures itself to be introduced into the public market. PDVSA has a long way to go before we can consider this scenario. Nevertheless, aiming toward partial privatization would provide a blueprint for rebuilding PDVSA as an operationally, financially, and commercially viable company.

A share offering should consider a dual listing that includes the Caracas Stock Exchange, which is also in need of an extreme makeover (that’s part of a different discussion, however). The overhaul needed is not only about getting barrels out of the ground, but about including the company in the wider economy and making it subject to the highest managerial and corporate governance standards. Making an example out of Petróleos de Venezuela would help generate a spillover effect that could contribute to more transparency, financial discipline, and compliance across the domestic market. Ultimately, this would constrain the government’s ability to overreach into the private sector.

Whichever path is chosen for the future of PDVSA and the Venezuelan oil industry, it should be preceded by an inclusive debate that considers implications beyond the industry itself and sets the country on a sustainable growth path. This debate must happen in public, in conditions of full political and economic freedom, free from coercion by either internal or external powers. It should be the opposite of what occurred prior to the swift approval of the new Hydrocarbons Law, when secrecy prevailed and the legislative body responsible for drafting the statute showed no significant deliberation.

The one-sided vote in the illegitimate 2025 National Assembly should not overshadow the legislature’s failure to comply with its own parliamentary rules during the bill’s passage, as purported opposition lawmakers reportedly received a copy of the draft only hours before the first debate. That episode underscores why the legal and constitutional reforms needed to break the petro-state and refound PDVSA can only follow the renewal of all institutions, including a truly multiparty, independent congress.

The end goal is simple, yet history-changing: to dismantle Miraflores’ total control and discretion over oil-industry revenues.