Venezuela’s interim President Delcy Rodriguez has signed into law a reform bill that will pave the way for increased privatisation in the South American country’s nationalised oil sector, fulfilling a key demand from her United States counterpart, Donald Trump.
On Thursday, Rodriguez held a signing ceremony with a group of state oil workers.
She hailed the reform as a positive step for Venezuela’s economy.
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Venezuela's acting President Delcy Rodríguez on Thursday signed a law that will open the nation’s oil sector to privatisation, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.
ReplyDeleteLawmakers in the country's National Assembly approved the overhaul of the energy industry law earlier in the day, less than a month after the brazen seizure of then-President Nicolás Maduro in a US military attack in Venezuela’s capital.
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.