Venezuela advances plan to release oil industry from state control

Venezuela’s government, led by acting President Delcy Rodriguez, has advanced reforms to open its state-controlled oil sector to foreign and private investors.

Venezuela’s National Assembly backed legislation on Thursday that would reduce state dominance and grant oil companies greater control to operate fields and market output independently. 

To make these ventures more attractive, the plan would cut taxes and offer flexibility on the 30% royalty rate and introduce international mediation to address past expropriation disputes. 

Rodriguez framed the move as essential to revitalizing an industry left in ruins by years of mismanagement and sanctions. 

“The operating company shall assume the comprehensive management of the execution of the activities, at its sole cost, expense and risk,” said the draft seen by the Associated Press. It also says