ANNOUNCEMENT 14 Jul 2009In July 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Decree No 6.796 (July 14, 2009) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.220, Martes 14 de Julio de 2009): http://www.tsj.gov.ve/gaceta/julio/140709/140709-39220-4.html (pages 370.222 to 370.224)
Sidor Website, Ministry of Popular Power for Industries of the Bolivarian Government of Venezuela (Ministerio del Poder Popular para Industrias, Gobierno Bolivariano de Venezuela): http://www.sidor.com/editar-noticias-secc/75-destacamos/111-estado-venezolano-asume-el-control-operativo-de-los-bienes-de-la-empresa-matesi.html
On July 14, 2009, the Venezuelan President Hugo Chavez issued Decree No 6.796 on the nationalisation of the steel pipe maker Matesi Materiales Siderúrgicos, which was owned by Tenaris, a Luxembourg-based global manufacturer and supplier of steel pipe products, which is itself a subsidiary of Techint, an Argentinian-Italian conglomerate of more than 100 companies.
In 2011, Tenaris brought the case to the International Centre for Settlement of Investment Disputes (ICSID) to get an adequate and effective compensation.
The Decree No 6.796 was published in the Official Gazette of the Bolivarian Republic of Venezuela on July 14, 2009.