Venezuela opens its oil sector to private investors
Washington has put pressure on Caracas for access to its crude reserves since it seized then President Nicolas Maduro less than a month ago.
Years of underinvestment, corruption and mismanagement have dented oil exploration and production in Venezuela
Venezuela’s acting President Delcy Rodriguez on Thursday signed a law that will open the nation’s oil sector to privatization.
Lawmakers in the country’s National Assembly approved the overhaul of the energy industry law earlier in the day.
“We’re talking about the future. We are talking about the country that we are going to give to our children,” Rodriguez said.
Ruling-party lawmaker Orlando Camacho, head of the assembly’s oil committee, said the reform “will change the country’s economy.”
