Law will give private companies more control but experts unsure whether reforms go far enough for US
Venezuela’s congress has approved a bill making significant changes to the country’s oil sector after pressure from the US to open it up to foreign private investment.
The new hydrocarbons law promises to give private companies control over oil production and sales, ease taxes and allow for independent arbitration of disputes, while largely maintaining state control over oil production.
Analysts remain cautious about the law’s practical application, arguing that the text lacks clarity and that the changes, while welcome, are insufficient to deliver the reforms sought by the US as it attempts to revive Venezuela’s battered oil industry.
“We’re talking about the future. We are talking about the country that we are going to give to our children,” said Delcy Rodríguez, the acting president, who is expected to give her final approval to the bill imminently.
