ANNOUNCEMENT 07 May 2009In May 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Organic Law that Reserves to the State the Assets and Services related to Hydrocarbon Primary Activities published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.173, Jueves 07 de Mayo de 2009):
http://www.tsj.gov.ve/gaceta/mayo/070509/070509-39173-1.html (pages 368.895 to 368.896)
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.