Venezuelan lawmakers approve new law opening oil industry to foreign companies
(CNN) — Venezuelan lawmakers have approved a law change that will make it easier for foreign companies to take part in the country’s oil industry, in a move by Caracas to meet the demands of US President Donald Trump.
The reform, backed by acting President Delcy Rodríguez, will open up the Venezuelan oil industry, at present largely controlled by state-owned company Petróleos de Venezuela (PDVSA), and allow foreign companies to manage oilfields at their own risk and cost.
Since the US captured Rodríguez’s predecessor, President Nicolás Maduro, at the beginning of January it has repeatedly made clear it wants American companies to invest in Venezuela’s oil industry.
Venezuela has more proven oil reserves than any nation on the planet. The new law could help the country maximize its profits from them, Rodríguez said Thursday night.
“This law allows us to make a true historic qualitative leap to turn those oil reserves, the largest on the planet, into the greatest happiness a people can have, with the Venezuelan people as the rightful owners of that happiness,” she told a crowd at an event celebrating the move.
National Assembly leader Jorge Rodríguez, the brother of the acting president, echoed that sentiment.
“This instrument will boost the energy sector, promoting oil production in undeveloped fields and transforming it into well-being for the Venezuelan people,” he said on Telegram.
Venezuela’s legislature unanimously approved the reform Thursday afternoon in a second reading. It now must be signed by Rodríguez and published before coming into force.
Two sources told CNN earlier this month that the Trump administration is planning to use private military contractors to protect oil and energy assets in the country.
However, some oil executives have expressed discomfort with the idea of sending capital into Venezuela. The CEO of Exxon Mobil said at a White House meeting shortly after Maduro’s capture that the country is “uninvestible” in its current state.
Easing restrictions
The law was approved on the same day that the US Treasury eased some sanctions on Venezuela’s oil industry. It issued a general license authorizing US companies to carry out certain activities with the Venezuelan government related to the export, purchase, sale, storage, and transportation of the country’s oil, among other operations.
It marked the latest easing of restrictions by the Trump administration since the acting Venezuelan government signaled it would cooperate with the US and meet many of its demands.
Earlier on Thursday, Trump said he had informed Rodríguez that the US would be “opening up” the commercial airspace above Venezuela, even though it is not technically considered closed. It comes two months after Trump issued a broad directive on social media, warning airlines, pilots and criminal networks to avoid Venezuelan airspace.
“American citizens will be, very shortly, able to go to Venezuela, and they’ll be safe there, and be safe. It’s under very strong control,” Trump said Thursday at a meeting of his Cabinet.
Jorge Rodríguez credited Trump’s announcement to his sister’s diplomatic efforts.
“I believe it is very positive. I think it is a direct consequence of the peace diplomacy that has been carried out by the presidency,” he said.
The-CNN-Wire
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