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Rules for Registration with the National Registry of Petrochemical Companies

Resolution No. 031 of the Ministry of the Popular Power for Petroleum and Mining, whereby the Rules for Registration with the National Registry of Petrochemical Companies were issued (the “Resolution”), was published in Official Gazette No. 40.153 of April 24, 2013.  The purpose of the Resolution is to establish the registration, verification, certification, inspection, and supervision requirements and procedures related to the National Registry of Petrochemical Companies, with which all natural or legal persons performing or seeking to perform petrochemical activities, as well as the petrochemical projects, must be registered.

The Resolution determines that the companies indicated in the same will be allowed a period of ninety (90) calendar days as from its publication in the Official Gazette in order to carry out the registration with the National Registry of Petrochemical Companies.  Likewise, the petrochemical companies created during the period of effectiveness of the Resolution must carry out their registration in a period of time not exceeding thirty (30) calendar days as from the day of their incorporation before the Commercial Registry of their jurisdiction.

In addition, the Resolution imposes on the formally registered petrochemical companies the obligation to inform the National Registry of Petrochemical Companies of the transfers of shares, negotiations, or judicial and administrative measures or measures of another nature that affect them, as well as of the conduct of operations connected with the activity that they developed in the immediately preceding quarter, within the first ten (10) business days of each quarter.

The breach of the obligations contained in the Resolution will be penalized according to the applicable legal provisions.

The Resolution became effective upon its publication in the Official Gazette.

In order to access the Resolution, please click http://www.traviesoevans.com/memos/2013-04-24-40153.pdf

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”