Venezuela: Corporate/Commercial Law

Venezuela's National Assembly is considering a proposed Partial Amendment to the Organic Law on Hydrocarbons (the "Hydrocarbons Law Amendment"), which would introduce sweeping changes to the regulatory framework governing the exploration, extraction, transportation, refining, and marketing of hydrocarbons in the country.

The Ministry of Light Industries and Trade has issued Resolution No. 197 published in Official Gazette No 38.577 of December 5, 2006. This Resolution is based on Article 16 of Decree No. 4998 of November 17, 2006 establishing the temporary measures for the promotion and development of Small and Medium-sized Industries (SMIs), Cooperatives and other forms of association having their principal domicile in Venezuela, producing goods, rendering services and performing works.