Rodríguez proposed the changes in the days after U.S. President Donald Trump said his administration would take control of Venezuela’s oil exports and revitalize the ailing industry by luring foreign investment. Private companies to control oil productionThe legislation promises to give private companies control over the production and sale of oil and allow for independent arbitration of disputes. 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 U.S. administrations further crippled the oil industry.