Venezuela to Debate Oil Bill Allowing Private Sales, Arbitration

Venezuela is set to debate a proposal on Thursday that would allow private oil companies to commercialize their own production, pay less in taxes and settle disputes through arbitration, rather than exclusively in Venezuelan courts, according to a draft bill seen by Bloomberg.

The details could still change since the draft will be up for debate, but in current form marks the most significant overhaul of the country’s hydrocarbons framework in more than two decades, loosening the grip of state-run Petróleos de Venezuela SA while preserving state ownership of reserves.