when was venezuela oil nationalized

Venezuela officially nationalized its oil industry on 1 January 1976 , under President Carlos Andrés Pérez.

Quick Scoop

• The nationalization took legal effect at the start of 1976, when the state took control of foreign oil concessions.

• On that same date, the government created Petróleos de Venezuela S.A. (PDVSA) to manage the nationalized industry.

• The flagship symbolism of the move was a ceremony at the historic Zumaque 1 (Mene Grande) well in Zulia state.

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