Venezuelan acting president calls for oil industry reforms to attract foreign investment

CARACAS -- Venezuelan acting president Delcy Rodriguez on Thursday called on the legislature to approve an oil industry reform plan to attract foreign investment and promote the country's economic recovery.

In her annual report to the legislature on behalf of the administrative body, Rodriguez said that the relevant reforms would help improve the operating environment of the oil industry and enhance its capacity for external cooperation.

According to the acting president, the South American nation's oil production reached 1.2 million barrels in December last year. The revenue from oil exports will mainly be used to support the construction of the public health system, promote economic development and advance infrastructure projects.

Venezuela is currently at an important turning point, and the government will explore more pragmatic and diversified ways of foreign exchange, said Rodriguez.

The country should handle its relations with all parties, including the United States, on the basis of mutual respect, she added.