ANNOUNCED AS TEMPORARYNo
FDI: Treatment and operations, nes
On May 7, 2009, the Venezuelan National Assembly passed the Organic Law that Reserves to the State the Assets and Services related to Hydrocarbon Primary Activities ('Ley orgánica que reserva al Estado bienes y servicios conexos a las actividades primarias de hidrocarburos' in Spanish). This law enables taking control of hydrocarbon-related goods and services. Indeed, it states in its article 1 that the hydrocarbon activity is subject to the state because of its strategic importance and article 6 authorizes the total or partial expropriation of companies operating in this field of activity.
This law was published in the Official Gazette of the Bolivarian Republic of Venezuela on May 7, 2009.
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