The National Assembly of Venezuela on Friday approved a government initiation to turn 32 privately-run oil fields into joint ventures controlled by Venezuela's state oil company.

The restructuring, part of the government's broader aim of guaranteeing domestic control over the energy sector, will ensure state-run Petroleos de Venezuela SA, or PDVSA, holds a minimum 60 percent stake in the new partnership.

The new joint ventures are replacing old agreements that gave private companies a bigger share.

President Hugo Chavez said Friday his government will sign the agreements with foreign oil companies later in the day. He thanked the transnational companies that operate in Venezuela for their willingness to cooperate.

Most affected companies, including Houston-based ConocoPhillips, France's Total SA, U.S.-based Chevron Corp. and Norway's Statoil ASA, were expected to sign the agreements in a later ceremony.

Source: Xinhua