PETRLEOS DE VENEZUELA, SA

state-owned Venezuelan company created through the nationalization of the petroleum industry on Jan. 1, 1976. It earns the largest share of Venezuela's foreign exchange. Its headquarters are in Caracas. By 1971 Venezuela had begun to take steps to curb the influence of the foreign concessionaires who, since their arrival after World War I, had been exploiting the nation's oil fields. The state barred the sale of additional concessions, nationalized concessions already sold but not yet exploited, and set a timetable for expropriation of ongoing operations. The government again allowed foreign investment in oil exploration and production in 1995. Since the nationalization of the industry, Petrleos de Venezuela has been engaged in the exploration, refining, and marketing of oil, petrochemicals, and natural gas, including the export of petroleum and petroleum products. A member of the Organization of Petroleum Exporting Countries (OPEC), the company tends to be a voice of moderation within that group.