Global Trade Alert

On June 29, 2010 the Venezuelan National Assembly recognised eleven oil rigs as promoting the public interest. This led to Decree No 7.532 issued by President Chavez the same day, which expropriated the owner of those eleven oil rigs, the American company Helmerich & Payne.
This decision was announced by Chavez's Oil Minister on June 23, 2010. The General Interest Statement of the National Assembly was published in the Official Gazette of the Bolivarian Republic of Venezuela on June 29, 2010. The Decree No 7.532 was published in the Official Gazette of the Bolivarian Republic of Venezuela on June 30, 2010.
This measure is included in the GTA database because the nationalisationwas forced and the compensation (if there is any) for theexpropriation is most likely tothe detriment of foreign commercialinterest.