Subject: Big oil gets the law it wanted
Venezuelan lawmakers approve new law opening oil industry to foreign companies

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.

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.

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Steve