Venezuela is considering the privatization of its state-owned oil industry, report says

REUTERS/Isaac Urrutia
  • Venezuelan President Nicolas Maduro has considered selling majority shares of the country’s state-owned oil industry, according to a report by Bloomberg.
  • The South American country has faced an economic crisis as countries around the world have sanctioned Venezuela in an effort to push Maduro from power.
  • Visit Business Insider’s homepage for more stories.

Venezuelan President Nicolas Maduro has considered selling shares of the country’s state-owned oil company, Petroleos de Venezuela SA, according to Bloomberg report from Monday.

The sales could offer a small source of financial relief for Maduro’s government, which has struggled since facing sanctions from countries around the world. Those nations are trying to push Maduro from power after he was widely criticised for rigging the country’s presidential elections.

Selling control of the state-owned oil company would be a drastic one for Venezuela’s socialist government and its history of state-owned entities. Though Venezuela is one of the world’s most oil-rich countries, the widespread sanctions have caused economic and humanitarian crises throughout the country as citizens struggle to afford basic goods amid hyperinflation.

Maduro’s government has spoken with Russian, Spanish and Italian oil companies about a possible sale, according to the report.

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