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: 08 May 2009 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

On May 08, 2009, the Venezuelan Minister of Energy and Oil issued a communiqué (No 051) announcing the nationalisation of some companies operating in the field of hydrocarbon-related activities. The same operation was repeated on May 19 (Communiqué No 065) as well as on May 20, 2009 (Communiqué No 067).
Those nationalisations followed the Organic Law that Reserves to the State the Assets and Services related to Hydrocarbon Primary Activities passed on May 7, 2009 that enabled taking of control of hydrocarbon-related goods and services. Indeed it stated in its article 1 that the hydrocarbon activity is subject to the state because of its strategic importance and article 6 authorised the total or partial expropriation of companies operating in this field of activity.
Some of the assets seized were the property of the foreign companies Williams Companies (American), Wood Group (British) as well as Boots & Coots (American).
The first communiqué was published in the Official Gazette of the Bolivarian Republic of Venezuela on May 08, 2009. The second communiqué was published in the Official Gazette of the Bolivarian Republic of Venezuela on May 19, 2009. The third communiqué was published in the Official Gazette of the Bolivarian Republic of Venezuela on May 21, 2009.

AFFECTED COUNTRIES

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