Venezuela's ruling Socialist Party hopes legislators it recently declared t...
CARACAS - Venezuela’s ruling Socialist Party hopes legislators it recently declared to be in charge of congress will approve changes to ownership of some crucial state oil assets, five opposition lawmakers said on Wednesday.
Maduro wants the Socialist-backed legislators to make legal new investments by oil companies from allied countries, such as Russia, who have seen the opposition-run congress as a liability to cutting new deals. Venezuelan law requires that the National Assembly must approve any changes to the ownership structure of the OPEC nation’s joint ventures with private companies. The opposition, which holds a majority, opposes economic reforms that could help President Nicolas Maduro hold onto power.
That has led lawmakers to believe Russia, whose state oil company Rosneft is among the largest investors in Venezuela’s oil sector, could benefit from the new deals.
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