established for Venezuelan nationals. Foreign investment is subject to the same conditions as domestic investment.
Article 302: The State reserves to itself, through the pertinent
organic law, and for reasons of national expediency, the petroleum
industry and other industries, operations and goods and services
which are in the public interest and of a strategic nature. The State
shall promote the domestic manufacture of raw materials deriving
from the exploitation of nonrenewable natural resources, with a view
to assimilating, creating and inventing technologies, generating
employment and economic growth and creating wealth and wellbeing
for the people.
Article 303: For reasons of economic and political sovereignty
and national strategy, the State shall retain all shares of Petróleos de
Venezuela, S.A. or the organ created to manage the petroleum industry, with the exception of subsidiaries, strategic joint ventures, business enterprises and any other venture established or coming in the
future to be established as a consequence of the carrying on of the
business of Petróleos de Venezuela, S.A.
Article 304: All waters are property in the Nation's public domain,
essential to life and development. The necessary provisions shall be
established by law to guarantee the protection, utilization, and recuperation thereof, respecting the phases of the hydrological cycle and
zoning criteria.
Article 305: The State shall promote sustainable agriculture as the
strategic basis for overall rural development, and consequently shall
guarantee the population a secure food supply, defined as the sufficient and stable availability of food within the national sphere and
timely and uninterrupted access to the same for consumers. A secure
food supply must be achieved by developing and prioritizing internal
agricultural and livestock production, understood as production deriving from the activities of agriculture, livestock, fishing and aquicul-
