Chavismo pushes oil-law reform to open Venezuela’s upstream to private firms

According to the text, the reform would allow privately owned companies domiciled in Venezuela to take part in “upstream” activity through contracts with the state Venezuela’s National Assembly has approved, in a first reading, a reform to the country’s Hydrocarbons Law that would expand private participation in crude production and marketing—an important shift from the long-running “mixed-company” model in which the state held majority stakes. The bill still requires a second reading before it can become law, EFE reported.

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