IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 07 May 2009 | Removal date: open ended
Still in force

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.

AFFECTED COUNTRIES

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