"Since the US military's abduction of Venezuela's former leader Nicolas Maduro and his wife Cilia Flores on January 3, the Trump administration has sought to pressure President Rodriguez to open the country's oil sector to outside investment. Trump has even warned that Rodriguez could pay a very big price, probably bigger than Maduro, should she fail to comply with his demands."
"Thursday's legislation will give private firms control over the sale and production of Venezuelan oil. It would also require legal disputes to be resolved outside of Venezuelan courts, a change long sought by foreign companies, who argue that the judicial system in the country is dominated by the ruling socialist party. The bill would also cap royalties collected by the government at 30 percent."
"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. list of 3 itemsend of list We're talking about the future. We are talking about the country that we are going to give to our children, Rodriguez said. The ceremony came within hours of the National Assembly dominated by members of Rodriguez's United Socialist Party passing the reform."
The Trump administration pressured Venezuela to increase foreign access to its large oil reserves and sought to compel opening of the oil sector to outside investment. Interim President Delcy Rodriguez signed a reform bill after the National Assembly passed it, and she held a signing ceremony with state oil workers. The law grants private firms control over oil sale and production, requires legal disputes to be resolved outside Venezuelan courts, and caps government royalties at 30 percent. The Treasury simultaneously announced a loosening of some sanctions to allow limited transactions by the government and the state oil company. The administration warned of consequences if Rodriguez failed to comply.
Read at www.aljazeera.com
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