Caracas [Venezuela], January 24: Less than three weeks after the U.S. arrested former President Nicolas Maduro, the Venezuelan National Assembly passed the first phase of a bill allowing independent private companies to participate in oil exploration and production, paving the way for the return of American energy corporations to the South American country.
The bill was promoted by Venezuela's interim leader, Delcy Rodriguez. If passed in a second vote, it would mark a major turning point for Venezuela's oil industry - a sector that has been under tight state control for decades, according to AFP on January 23.
In another development, a US official said on January 22 that the Trump administration is allowing China to continue buying Venezuelan oil, but requires the transactions to be at "fair market prices." Although the oil will be sold on the global market, the Trump administration requires that the majority be sold to the United States.
Source: Thanh Nien Newspaper
