Venezuela's Rodriguez promotes deputy to head oil ministry

Venezuela's acting President Delcy Rodriguez said on Wednesday that she has appointed Paula Henao as oil minister, filling the key role as the country overhauls its oil industry amid U.S. pressure.



The position became vacant when Rodriguez, who had been serving as both oil minister and vice president, rose to the presidency following the United States' capture of President Nicolas Maduro in January.



Henao, previously vice oil minister, will take the helm as the U.S. pushes to open Venezuela to American investment, especially in oil, gas and mining. U.S. President Donald Trump has praised Rodriguez for cooperating on efforts to move oil to the United States.



In January, Venezuela's ruling party-dominated legislature unanimously passed a reform to the hydrocarbons law that expands the oil ministry's decision-making power, in addition to lowering taxes and granting autonomy for private producers and making possible asset transfer and outsourcing.



The changes are aimed at boosting oil and gas production and foreign investment following a $100 billion reconstruction plan for the industry proposed by Trump shortly after Maduro's capture.



Venezuela is home to the world's largest proven oil reserves.