Venezuela moves forward with oil reform plans

TT

Published 19.26

 

/TTVenezuela's interim president Delcy Rodríguez during a speech in Caracas on January 15. Photo: Ariana Cubillos/AP/TT

Venezuela's parliament has begun debating changes to the law that would open the country's oil sector to private companies - barely three weeks after the US overthrew President Nicolás Maduro.

Currently, private companies are only allowed to operate in the oil sector in partnership with state oil company PDVSA, which must then be the majority owner.

The current changes to the law allow private companies based in Venezuela to engage in oil exploration and extraction, according to the AFP news agency, which has seen the proposal.

Access to Venezuelan oil is a main demand from the US after it attacked the country on January 3 and captured Maduro. President Donald Trump has threatened more violence unless interim President Delcy Rodríguez, who took over from Maduro, meets him.

The White House has already announced an agreement between Caracas and Washington to sell Venezuelan crude oil. Delcy Rodríguez said earlier this week that Venezuela has so far received $300 million from oil sales.

On Thursday, she said a referendum would be held in March on which economic initiatives and public projects the country should focus on, CNN en Español reports.

“The referendum will be held on March 8, International Women’s Day, so that we move forward in the spirit of our women,” the interim president said.