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Guaido’s U.S. Envoy Vows to Open Oil Deals, Restructure Debt (2)

Feb. 5, 2019, 4:27 PM

Venezuela’s government-in-waiting intends to scrap requirements that state-owned oil giant PDVSA keep a controlling stake in joint ventures as it seeks to revive the oil sector and encourage private investment, National Assembly leader Juan Guaido’s representative to the U.S. said.

The move is part of a broader plan by Guaido, who was declared interim president by the assembly last month, to revive Venezuela’s shattered economy by focusing on boosting oil output as soon as possible, said Carlos Vecchio, Guaido’s envoy in the U.S. Currently, PDVSA must have a 51 percent stake in all joint projects.

“We want to go to ...