State-owned enterprises as an extension of the ruling party: A form of systemic capture and corruption of the Venezuelan state

Venezuela falls into the category of systemic capture, defined as “a consolidated form of capture in which political, fiscal, and economic power fully converge. State-owned enterprises and public institutions operate as extensions of the ruling coalitions, and the distribution of rents is used to sustain the stability of the regime.” [1] While Brazil, Mexico, Argentina, and Chile tend to concentrate their presence in strategic sectors (oil, banking, energy) or infrastructure , Venezuela has extended its control to productive and consumer sectors . The database of companies and details about each one, attached at the end of this text, confirms this assertion.

The registry of companies related to or formerly linked to the Venezuelan state, which Transparency Venezuela has been maintaining for several years, now includes 999 organizations. The updated database has allowed for the inclusion of companies dependent on state governments, companies domiciled outside the country, and those in which the Venezuelan state participates even without holding a majority stake. This registry does not include municipal public companies.

It should be noted that, of the 999 companies registered in the database, 925 are strictly State-owned Enterprises because they meet the criterion of owning more than 50% of the property and are currently active – but their production capacities are unknown; the difference of 74 with respect to 999 are mixed enterprises or productive organizations with minority participation of the State.

It is important to clarify that this includes organizations that have been sold, closed, liquidated, are in the process of liquidation, expropriated, confiscated, privately owned but taken over by the State, those that have changed their names, and public and private companies that have become part of State corporations. This is done to facilitate academic or journalistic research . Of these companies, 169 have been confiscated, expropriated, seized, or taken over by the State; and 77 have been sold, closed, liquidated, or are in the process of liquidation.

The information indicates that, of the registered companies, 661 are or have been controlled by the national executive branch based in Venezuela, 1 is jointly controlled by the central government and a regional government, 218 are controlled by state governments, 4 are managed by municipalities, and 115 are located outside the country. The registry also indicates that there are 23 companies in which the Venezuelan state holds a minority stake and 30 are private companies occupied by the state.

The majority belong to the manufacturing (17,91%), hydrocarbons (17,51%), agri-food (16,12%), Transport (7,36%), Civil works (7,16%), Financial (6,57%), Mining (4,28%), Public services (4,18%), Services (3,18%) and Trade (3,08%) sectors.

Source: Transparency Venezuela using NotebookLM

This database includes: company names, sectors, objectives, goods and services offered, how they were created, their background, details of their establishment, type of ownership and legal structure, affiliated organizations, budget and employment information, data on boards of directors, shareholding, and, in other companies, participation in social programs or missions, public allegations of corruption, malpractice, and inefficient management, sources of information used, and trading partners in other countries. It is an effort of Vendata so that information that is currently opaque becomes publicly accessible.

The Excel database is updated until June 30, 2026. This file has a good update of Venezuelan joint venture oil companies and is easily downloadable.

You can review and download the latest database here.

[1] The systemic capture of the Venezuelan state sustains the political-military elite: Transparency Venezuela, 2025 ( https://transparenciave.org/la-captura-sistemica-del-estado-venezolano-sostiene-a-la-elite-politico-militar/ )