“`html

Venezuela’s‍ Oil Nationalization: A Historical Account and Trump’s Claims

Venezuela completed the nationalization‍ of its ⁣oil industry in 1976 through‍ a legal process during the first government of⁤ President Carlos Andrés Pérez (1974-1979), but now the president of the United States, Donald Trump, questions the process by denouncing an alleged stripping⁢ of rights from ‍companies in his country, what experts consulted by EFE refute.

While historian Tomás 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⁤ as ⁢its independence.

Trump, who ordered a blockade⁢ of sanctioned ships to and from the South American country after months of military deployment in the Caribbean, recently stated that Venezuela took away oil rights from American companies and assured that he wants ⁢them back.

For its part, the administration of Nicolás Maduro denounces that ⁤Washington’s objective ⁤is to appropriate Venezuelan resources. It also accuses him of piracy for the seizure of two ships with crude oil from this Caribbean nation.

Below is a historical account of the nationalization and‍ other measures adopted ⁢by the oil country:

The Nationalization of 1976

On August 29, 1975, the Organic Law that⁤ reserves the hydrocarbon industry and trade to⁣ the ⁣State, known as the 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 ‍where ⁢declared extinct.

Before, Straka explained, private companies exploited oil locally. They were companies ⁤mostly with foreign capital, although “technically they were registered in Venezuela.”

⁣<