Venezuelan parliament approves oil sector reform bill in first reading
Venezuela’s parliament yesterday approved in its first reading a bill that fully opens oil production to the private sector. The AFP news agency reported the development.
Venezuela has the largest oil reserves on the planet. Oil production was previously exclusively in the hands of the state or joint ventures in which the state held a majority stake.
Source: Pixabay
The new law stipulates that “private companies based in Venezuela” will be able to begin production after signing the relevant contracts.
The major reform, which still needs to be approved in a second reading by Venezuela’s National Assembly, comes three weeks after US special forces captured authoritarian President Nicolás Maduro and took him to the United States. Vice President Delcy Rodríguez subsequently became the country’s interim president.
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This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
