Venezuela refinery blast 2012 08 28

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Is Venezuela about to open up to foreign oil investment?

Analysis: Home of the world's largest oil reserves, Venezuela could see the need for a bigger private hand in its creaky state-controlled oil industry.

Local residents evacuate the surroundings of Venezuela's Amuay oil refinery, which burst into flames early Saturday, killing more than 40 people in one of the worst world's refinery blasts in decades.

Juan Barreto

AFP/Getty Images