16 years ago, Commander Hugo Chávez achieved the nationalization of the Orinoco Oil Belt

Published at: 01/05/2024 08:00 AM

On May 1, 2007, the Bolivarian Revolution completed the nationalization of the Orinoco Oil Belt (FPO) in order to put an end to the process of privatization of the oil industry, initiated during the 90s by the Fourth Republic.

“We have closed a negative cycle. The oil opening was an attempt to permanently take away from Venezuelans their most powerful, greatest natural wealth,” emphasized Commander Hugo Chávez on May 1, 2007 during an event with the oil working class, at the José Antonio Anzoátegui Industrial Complex.

This was in compliance with Decree No. 5,200, with the Rank, Value and Force of the Law on Migration to Joint Ventures of the Association Agreements of the Orinoco Oil Belt.

“The Orinoco Oil Belt is entirely Venezuelan. Venezuela is free, oil is ours thanks to the Bolivarian Revolution,” said Commander Chávez.

In February 2018, President Nicolás Maduro announced that the Orinoco Oil Belt, the largest reservoir of this resource in the world, would bear the name of Commander Hugo Chávez Frías.

Mazo News Team