00:00Venezuelan lawmakers have given initial approval to legislation that would open the country's oil sector to private investors,
00:08ending decades of state control over its vast oil reserves.
00:12The move follows mounting pressure from the Trump administration to allow greater U.S. investment
00:17in what Washington has described as Venezuela's struggling energy sector.
00:22Under the bill, private firms would be allowed to operate oil fields, sell crude and collect revenues
00:30through contracts with the state oil company Petróleos de Venezuela, or PDVSA.
00:35Pushed by Acting President Delcey Rodriguez, the legislation is expected to advance quickly,
00:41through the ruling party-dominated legislature and now heads to a second reading.
00:45Rodriguez, a former deputy of Nicolas Maduro, has overseen a rapid tour in ties with Washington since taking office.
00:53U.S. President Donald Trump had praised her leadership as very strong,
00:57saying the United States is already benefiting from Venezuelan oil revenues.
Comments