CARACAS: Venezuela:Venezuela’s legislature opened debate Thursday on a bill to loosen state control over the country’s vast oil sector in the first major overhaul since the late socialist leader Hugo Chávez nationalised parts of the industry in 2007.

The legislation would create new opportunities for private companies to invest in the oil industry and establish international arbitration for investment disputes.

Following the US capture of former President Nicolás Maduro earlier this month, the Trump administration has ramped up pressure on acting President Delcy Rodríguez and other allies of the ousted leader to invite greater investment from US energy companies in Venezuela’s flagging oil industry.