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CARACAS, Venezuela — <\/span>The United States government on Wednesday further asserted its self-appointed role in turning around Venezuela\u2019s dilapidated oil industry<\/a> with the arrival of Energy Secretary Chris Wright<\/a> to the South American country for a firsthand assessment.<\/p>\n Wright\u2019s visit comes as the administration of U.S. President Donald Trump continues to lift sanctions to allow foreign companies to operate in Venezuela and help rebuild the nation\u2019s most important industry. It follows last month\u2019s enactment of a Venezuelan law that opened the nation\u2019s oil sector<\/a> to private investment, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.<\/p>\n The U.S. Embassy in Venezuela welcomed Wright to the country, writing on social platform X that \u201cthe U.S. private sector will be essential to boost the oil sector, modernize the electric grid and unlock Venezuela\u2019s enormous potential.\u201d<\/p>\n Wright is expected to meet with acting President Delcy Rodr\u00edguez, government officials, oil executives and others.<\/p>\n Rodr\u00edguez was sworn into her new role after the brazen Jan. 3 seizure<\/a> of then-President Nicol\u00e1s Maduro<\/a> in a U.S. military attack in Venezuela\u2019s capital, Caracas. She proposed the overhaul of the country\u2019s energy law after Trump said his administration would take control<\/a> of Venezuela\u2019s oil exports and revitalize the ailing industry<\/a> by luring foreign investment<\/a>.<\/p>\n Rodr\u00edguez\u2019s government expects the changes to serve as assurances for major U.S. oil companies<\/a> that have so far hesitated about returning to the volatile country. Some of those companies lost investments when the ruling party enacted the existing law two decades ago to favor Venezuela\u2019s state-run oil company, PDVSA.<\/p>\n The new law now grants private companies control over oil production and sales, ending PDVSA’s monopoly over those activities as well as pricing. It also allows for independent arbitration of disputes, removing a mandate for disagreements to be settled only in Venezuelan courts, which are controlled<\/a> by the ruling party.<\/p>\n Foreign investors view the involvement of independent arbitrators as crucial to guard against future expropriation.<\/p>\n ___<\/p>\n Follow AP\u2019s coverage of Latin America and the Caribbean at https:\/\/apnews.com\/hub\/latin-america<\/a><\/p>\n<\/div>\n