Venezuelan MPs vote to boost private investment in oil sector, allowing return of US firms
Venezuelan lawmakers approve bill to throw open the country's lucrative oil sector to private investors, paving way for return of US energy majors as pushed by Trump.
Venezuelan lawmakers have voted to lift controls on private investment in the country's oil sector, paving the way for the return of US oil companies, as sought by President Donald Trump.
The bill, which was passed by MPs on the first reading on Thursday, allows for "private companies domiciled in the Bolivarian Republic of Venezuela" to independently engage in oil exploration and extraction.
Over the past two decades, private companies were only allowed to operate in joint ventures with state-owned oil firm PDVSA, which insisted on holding a majority.
It comes less than three weeks after the US abduction of President Nicolas Maduro, whose predecessor and mentor Hugo Chavez forced the nationalisation of foreign-owned oil companies in the mid-2000s.
The bill was promoted by Maduro's former deputy, acting leader Delcy Rodriguez, who has presided over a lightning-fast thaw in US ties.
Warming relations
In a sign of the speed of the changes unfolding in Caracas, Washington named a new head for its mission in Venezuela.
The US embassy page listed Laura F. Dogu — a former ambassador to Nicaragua and Honduras — as the new charge d'affaires to Venezuela, in what was seen as another step on the road to the restoration of full diplomatic ties.
Caracas and Washington severed ties after Maduro's reelection in 2019, and the US embassy has been mostly deserted since then, barring a few local employees.
Within days of Maduro's abduction in Caracas, US diplomats visited the city to discuss reopening the embassy.
Trump has said he was working "really well" with Rodriguez, who was vice president in Maduro's anti-US government.
On Wednesday a US official said Rodriguez would visit the United States soon.