{"id":495804,"date":"2025-12-27T17:17:01","date_gmt":"2025-12-27T21:17:01","guid":{"rendered":"https:\/\/deultimominuto.net\/en\/uncategorized\/trump-and-his-interpretation-of-the-nationalization-of-the-venezuelan-oil-industry\/"},"modified":"2025-12-27T17:17:01","modified_gmt":"2025-12-27T21:17:01","slug":"trump-and-his-interpretation-of-the-nationalization-of-the-venezuelan-oil-industry","status":"publish","type":"post","link":"https:\/\/deultimominuto.com\/en\/uncategorized\/trump-and-his-interpretation-of-the-nationalization-of-the-venezuelan-oil-industry\/","title":{"rendered":"Trump and his interpretation of the nationalization of the Venezuelan oil industry"},"content":{"rendered":"\n

Caracas.- <\/strong>Venezuela finalized the nationalization of its oil industry in 1976 through a legal process during the first Government of President Carlos Andr\u00e9s P\u00e9rez (1974-1979), but now the U.S. President, Donald Trump, questions the process by denouncing an alleged dispossession of rights to companies from his country, which experts consulted by EFE refute.<\/p>\n\n\nWhile historian Tom\u00e1s Straka believes that Trump’s words reflect a “very ill-informed” interpretation of the process, former Vice Minister of Energy and Mines Dolores Dobarro told EFE that the resources found in the Venezuelan subsoil have belonged to the country since its independence.\n\nTrump, who ordered a blockade of sanctioned ships from and to the South American country after months of military deployment in the Caribbean, recently stated that Venezuela took away the oil rights from American companies and assured that he wants them back.\n\nFor its part, the Nicol\u00e1s Maduro administration has denounced that Washington’s objective is to seize Venezuelan resources and has accused it of piracy for the seizure of two ships with crude oil from this Caribbean nation.\n\nHere’s a historical account of the nationalization and other measures adopted by the oil-producing country:\n\n\n

The Nationalization of 1976<\/h2>\n\n\nOn August 29, 1975, the Organic Law reserving to the State the industry and commerce of hydrocarbons, known as Loreich, was published in the Official Gazette, the state newspaper, which established January 1, 1976, as the date from which the oil concessions operating in Venezuela were declared extinguished.\n\nBefore, Straka explained, private companies exploited the oil locally. They were mostly foreign-owned companies, although “technically they were registered in Venezuela”.\n\n\n
\"Venezuela<\/figure>\n\n\nWith the nationalization, the historian continued, the State reserved the right to the exploration, exploitation, refining and export of oil. To manage the industry, the P\u00e9rez government created in 1975 Petr\u00f3leos de Venezuela (PDVSA), which assumed the assets of foreign companies in the South American country.\n\nSaid nationalization “replaced national and foreign concessionaire companies with state-owned operating companies (PDVSA and subsidiaries)”, Dobarro pointed out.\n\nThe former vice-minister during the second Rafael Caldera government (1994-1999) indicated that this policy was “very discussed, debated and, it can be affirmed -according to her words- that it was agreed upon among the political factors of the time.”\n\nStraka pointed out that Venezuela reopened its market to oil investors in the 1990s to guarantee an injection of money and allowed international companies to return to the country through agreements.\n\n\n

The Ch\u00e1vez Era<\/h2>\n\n\nWith President Hugo Ch\u00e1vez, who came to power in 1999, the situation changed. The ruler, who died in 2013, deepened “a nationalization that already existed”, especially from 2007, when he forced foreign oil companies to switch to a mixed scheme, Straka said, for whom the left-wing leader tried to make propaganda about it, since, he assured, he wanted “that award for himself”.\n\n“Ch\u00e1vez prohibits foreign companies from working alone (autonomously) and forces them to create joint ventures with PDVSA. These companies, which worked under other terms, had to agree to a minority stake,” he detailed.\n\n\n
\"Venezuela<\/figure>\n\n\nIn 2007, the president decided that PDVSA would be the majority partner in the oil industry, economist Francisco Monaldi, also director of the Latin America Energy Program at Rice University, reminded EFE.\n\nThus, the Venezuelan government expropriated assets from companies<\/a> such as ExxonMobil and ConocoPhillips, which did not accept the new conditions. These companies sued the Venezuelan State in international arbitrations and obtained favorable rulings ordering economic compensation.\n\nFurthermore, Monaldi emphasized that PDVSA lost the autonomy it had since its creation and the company’s funds were used to finance various government missions by decision of Ch\u00e1vez, who also fired thousands of workers from the state-owned company who supported the oil strike between 2002 and 2003.\n\n\n

Important Supplier for the U.S.<\/h2>\n\n\nStraka indicated that Venezuela has been “a fundamental piece” on the “geopolitical chessboard” of the United States since the Second World War, even before, for a basic reason: the character of the South American country as an exporter of oil.\n\nThe historian specified that although Venezuela is not the same as during World War II \u2014when it was the world’s main oil exporter\u2014 it remains important for Washington.\n\n“It’s an oil that is four days away by ship from the refineries in the United States,” he illustrated.\n\nHowever, the also director of the Institute of Historical Research of the Andr\u00e9s Bello Catholic University clarified that the North American country has never had rights over the Venezuelan subsoil and the land is the property of the State according to Hispanic legal tradition.","protected":false},"excerpt":{"rendered":"

Caracas.- Venezuela finalized the nationalization of its oil industry in 1976 through a legal process during the first Government of President Carlos Andr\u00e9s P\u00e9rez (1974-1979), but now the U.S. President, Donald Trump, questions the process by denouncing an alleged dispossession of rights to companies from his country, which experts consulted by EFE refute. While historian […]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1],"tags":[],"class_list":["post-495804","post","type-post","status-publish","format-standard","category-uncategorized"],"acf":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/phj1q1-24YQ","jetpack_featured_media_url":"","dum_api":{"author_name":"Arelis Suero","author_image":"https:\/\/deultimominuto.com\/wp-content\/uploads\/2024\/03\/cropped-cropped-Diseno-sin-titulo-41-96x96.jpg","categories_name":["Uncategorized"],"featured_media_url":null},"_links":{"self":[{"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/posts\/495804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/comments?post=495804"}],"version-history":[{"count":0,"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/posts\/495804\/revisions"}],"wp:attachment":[{"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/media?parent=495804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/categories?post=495804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deultimominuto.com\/en\/wp-json\/wp\/v2\/tags?post=495804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}