Venezuela Opens Oil
Twenty years after nationalizing foreign oil companies' operations, Venezuela is now trying to woo them back. In a major breakthrough, Congress has approved profit-sharing joint ventures with state oil company PDVSA. The company claims that as many as 23 billion barrels could be discovered and as much as $11 billion in investment attracted. This new setup will put pressure on the Persian Gulf countries, which have resisted profit-sharing deals with foreign companies.