ANNOUNCEMENT 29 Jun 2010

In June 2010, the government of Venezuela announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



General Interest Statement (June 29, 2010) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.455, Martes 29 de Junio de 2010):
http://www.tsj.gov.ve/gaceta/Junio/2962010/2962010-2887.pdf#page=2 (page 377.499)
Decree No 7.532 (June 29, 2010) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.456, Miercoles 30 de Junio de 2010): http://www.tsj.gov.ve/gaceta/Junio/3062010/3062010-2888.pdf#page=3 (pages 377.601 to 377.604)
Financial Times: http://www.ft.com/intl/cms/s/0/6a1caee4-7f49-11df-84a3-00144feabdc0.html#axzz2U2HKlBZE
Reuters:
http://www.reuters.com/article/2010/06/24/us-venezuela-nationalizations-idUSTRE65N0UM20100624


Inception date: 30 Jun 2010 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A