ANNOUNCEMENT 17 Jun 2009In June 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Law on the development of petrochemical activities (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.203, Jueves 18 de Junio de 2009):
http://www.tsj.gov.ve/gaceta/junio/180609/180609-39203-1.html (pages 359.855 to 359.858)
On June 17, 2009, the Venezuelan National Assembly passed the Law on the development of petrochemical activities ('Ley organica para el desarrollo de las actividades petroquimicas' in Spanish). This law enables the government to take control over the petrochemical industries. In particular, article 5 of this law states that the petrochemical activity - as well as the goods and installations required to operate it - is subject to the state and has to take the form of direct control by the executive power through state-owned companies or through a joint venture, in which the state has a stake not smaller than 50%.
This law was published in the Official Gazette of the Bolivarian Republic of Venezuela on June 18, 2009.