Venezuela’s legislature on Thursday adopted a bill that throws its oil industry open to private investors, in line with US demands following the toppling of leader Nicolas Maduro.
Lawmakers in the South American country adopted reforms to a hydrocarbons bill that roll back decades of tight state control over foreign investment in the sector.
To lure private capital into an industry reeling from years of US sanctions, the bill also makes the royalties regime more flexible.
Acting President Delcy Rodriguez signed the reform into law shortly after before large group of state oil workers and government supporters.
As the bill was being passed, the US Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry, and expanded the ability of US energy companies to operate in the South American nation, the first step in plans outlined by Secretary of State Marco Rubio the day before.
The moves by both governments on Thursday are paving the way for yet another radical geopolitical and economic shift in Venezuela.
Rubio says US to control Venezuelan oil sales indefinitely
Choose your listening speed
Get through articles 2x faster