That's not a very socialist thing to do
Venezuelan Presiden Nicolas Maduro has proposed giving majority shares and control of its oil industry to foreign corporations.
Bloomberg reports that his office held talks with Rosneft, Repsol and Eni who would be allowed to take over government-controlled properties and restructure some of its debt. The report notes the idea faces some major obstacles, including US sanctions.
Venezuela has massive oil reserves and was once producing 3.5 million barrels per day but that's fallen to 700K bpd and the country's finances are deteriorating.
