The legislation promises to give private companies control over the production and sale of oil and allow for independent arbitration of disputes. Rodríguez’s government expects the changes to serve as assurances for major US oil companies that have so far hesitated about returning to the volatile country. Those guarantees are among the key changes foreign investors are looking for as they weigh entering the Venezuelan market. “Let the light shine on in the oil industry,” Ecarri said. Sanctions imposed by successive US administrations further crippled the oil industry.