The U.S. doesn’t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world’s 2nd largest reserves

Fortune - August 29, 2026

The U.S. doesn’t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world’s 2nd largest reserves

The federal government will control 55% of the company's effective output via equity ownership and oil production.

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