It is expected to overhaul the opec country's oil industry by changing former. Caracas, venezuela (ap) — venezuela’s legislature opened debate thursday on a bill to loosen state control over the country's vast oil sector in the first major overhaul since the late. (ap photo/matias delacroix) caracas, venezuela (ap) — venezuela’s.
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Venezuela's oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically.
Venezuela’s legislature is debating a major overhaul of its oil sector, the first since hugo chávez's era.
Venezuela’s legislature advanced a bill on thursday to loosen state control over the country's vast oil sector in the first major overhaul since the late socialist leader hugo chávez. A proposal by venezuela’s new leader to roll out a red carpet for oil investors passed an initial vote thursday, allowing for the bill that would slash taxes, relinquish state control over. Venezuelan lawmakers on thursday gave initial approval to opening the oil sector to private investors, as caracas moved swiftly to rebuild ties with washington following the capture of.
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