President Trump just posted this on Truth Social: “Venezuela is completely surrounded by the largest Armada ever assembled in the History of South America… I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela.” See under Trump’s statement for a list of assets Venezuela robbed you and me of, when they confiscated much under the criminals Maduro and Chavez.
Major Assets Nationalized by Venezuela Affecting American Companies (They robbed us!)
Here’s a list of key U.S. companies and their affected assets:
- ExxonMobil → Heavy oil projects in the Orinoco Belt (e.g., Cerro Negro project). Seized in 2007 after refusing new terms. Awarded ~$1.6 billion in arbitration (reduced from higher claims); partial payments made (e.g., $255 million in 2012).
- ConocoPhillips → Heavy oil projects in the Orinoco Belt (multiple ventures). Expropriated in 2007. Awarded ~$2 billion in one arbitration (2018); larger claims ongoing, originally seeking up to $30 billion.
- AES Corporation → Stake in Electricidad de Caracas (Venezuela’s largest private power producer). Nationalized in 2007; compensated with $740 million.
- Verizon Communications → Significant stake in CANTV (Companía Anónima Nacional Teléfonos de Venezuela), the main telecommunications company. Nationalized in 2007 as part of telecom sector takeover.
- Williams Companies → Natural gas injection projects and compression facilities (e.g., El Furrial and PIGAP II). Seized in 2009; partial compensation of ~$420 million agreed.
- Helmerich & Payne → 11 oil drilling rigs. Nationalized in 2010.
- Cargill → Rice processing and packaging plants. Seized in 2009 amid accusations of overpricing.
- Koch Industries → Partial ownership in Fertinitro (major nitrogen fertilizer producer). Nationalized in 2010.
- Owens-Illinois → Glass manufacturing plants/facilities. Expropriated; involved in ongoing creditor claims related to Venezuela’s debts.
- Exterran Holdings → Natural gas assets (partner with Williams). Affected in 2009 seizures; partial compensation.
Other U.S. firms faced indirect impacts or service contract seizures in oil services, but the above represent the most prominent direct nationalizations.These actions contributed to Venezuela’s economic isolation, with many companies exiting and pursuing legal recourse. Some received partial settlements, but disputes persist, often tied to Venezuela’s defaulted debts and assets like Citgo (PDVSA’s U.S. subsidiary). Note that earlier full oil nationalization in 1976 affected U.S. firms (e.g., predecessors of Exxon, Mobil, Gulf), but with compensation at the time. The Chávez-era wave focused on reversing 1990s privatizations.
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