5-09-05, 10:52pm

Venezuela will open an unprecedent Parliamentary investigation into alleged irregularities committed by foreign oil firms.

The probe will begin on Tuesday May 10 as the National Assembly helds hearings aimed at uncovering irregularities committed during the so-called oil opening from 1992 to 1997.

At least 32 operation agreements of private firms with state-run oil company Petroleos de Venezuela (PDVSA) established during the period were plagued with vices and anticonstitutional formulations, Venezuelan President Hugo Chavez denounced last week.

Tax evasions have also been found, added Chavez.

President of the National Assembly Nicolas Maduro said among first people to be questioned would be former presidents of PVDSA including Luis Guisti, who was on the post at the moment agreements were signed.

Former Venezuelan President Carlos Andres Perez and former deputies who approved the contracts are also expected to be summoned.

President Chavez and Maduro have stressed that in case irregularities are proved, the companies invoved will be required to reimburse the Republic for all the money it lost.