Venezuelan Energy and Mines Minister Ali Rodriguez has pledged that the new government of President Hugo Chávez will continue the country's policy of opening the oil industry to foreign investment, called La Apertura.
"Of course, we will honor all commitments made by the Republic of Venezuela," said Rodriguez. "Nevertheless, we need to address and resolve, once and for all, the legal and fiscal inconsistencies with which the Apertura was conceived and approved."
He explained, "The economic and fiscal aspects of the Apertura process have resulted in diminished state participation in oil revenues. State income decreased significantly because, among other irregularitie...