The move comes as Venezuela adopts a bill to open its oil industry to private investors.
The US Treasury Department has eased sanctions on Venezuela's oil sector, as the Trump administration looks to ramp up investment and production in the country after abducting its president, Nicolas Maduro.
The department issued a general license on Thursday allowing transactions that involve Venezuela's government and state oil firm PDVSA 'ordinarily incident and necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil.'This includes the refining of such oil by an established US entity, the Treasury license said.The decision to issue a general license marks a shift from a previous plan to grant individual exemptions to sanctions for companies seeking to do business in the country.Venezuela opens oil industry to greater private investmentVenezuela's legislature, meanwhile, adopted a bill that throws its oil industry open to private investors, in line with US demands.Lawmakers in the South American country adopted reforms to a hydrocarbons bill that roll back decades of tight state control over foreign investment in the sector.'Only good things will come after the suffering,' vowed National Assembly President Jorge Rodriguez, brother of the country's interim President Delcy Rodriguez.Under the legislation, private companies can independently engage in oil exploration and extraction and commercialisation without having to enter joint ventures with the state oil company PDVSA.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rubio scheduled to appear before Senate to outline Trump's Venezuela policyFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
Rubio to warn Venezuela of new military action in case relations go awryThe secretary of state is expected to make a firm warning during his Senate Foreign Relations Committee hearing on Wednesday.
Read more »
Trump’s Zelensky problem: he won’t give upDaily on Defense: Zelensky wants to kill more Russians, Rubio warns Venezuela, Trump threatens Iraq.
Read more »
Rubio braces for Senate scrutiny over VenezuelaAt his first Senate Foreign Relations Committee hearing since Nicolas Maduro was seized, Secretary of State Marco Rubio warns the U.S. could still use force to pressure Venezuela's adminstration.
Read more »
Trump Warns Iran of 'Armada,' Rubio to Address VenezuelaPresident Trump issues a warning to Iran, threatening military action, while Secretary of State Rubio prepares to testify about Venezuela and potential use of force.
Read more »
Top Dem Spills on His Bizarre Phone Call With Trump, 79Tim Walz revealed what Trump told him earlier this week about Minneapolis—and Venezuela.
Read more »