Venezuela approves bill to open up oil sector to private firms as US eases sanctions

Statele Unite

Venezuela's interim president Delcy Rodriguez has signed a law opening the country's oil sector to privatisation. The National Assembly approved the bill to lure in foreign investment on Thursday - as the US eased sanctions on Venezuela's oil industry. The move authorises US firms to buy, sell, transport, store and refine Venezuelan crude oil, but does not lift existing US sanctions on production. A White House official said more announcements ​on the easing of sanctions would follow.