Venezuela’s acting President Delcy Rodríguez on Thursday signed a law that will open the nation’s oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.
Lawmakers in the country’s National Assembly approved the overhaul of the energy industry law earlier in the day, less than a month after the brazen seizure of then-President Nicolás Maduro in a U.S. military attack in Venezuela’s capital.
As the bill was being passed, the U.S. Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry, and expanded the ability of U.S. energy companies to operate in the South American nation, the first step in plans outlined by Secretary of State Marco Rubio the day before. The moves by both governments on Thursday are paving the way for yet another radical geopolitical and economic shift in Venezuela.
“We’re talking about the future. We are talking about the country that we are going to give to our children,” Rodríguez said.
Rodríguez proposed the changes in the days after U.S. President Donald Trump said his administration would take control of Venezuela’s oil exports and revitalize the ailing industry by luring foreign investment.
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