Except it isn't direct foreign nations, it's corporations.
I am not against nationalizing some industries, so at least make that argument. You don't want privatization of national resources, I think that's valid and I've always been against the U.S intervention over this topic
I think people are confusing a lot of terms when it comes to this topic, every country has sovereignty over their resources and sets their own rules about extraction, but in case of "ownership", it's most common for the resource to be state owned and extracted by private companies.
It's not de facto bad if a state owned company does it, but the issue is that the way of governance is most important, and if you have a second or third world country where it's just a political tool like in the case of Venezuela with zero investment ... It'll fail miserably.
His take is like 80% correct though.
@Natalija just mistake Venezuela's governament with Venezueala's people. The governament is benefit by taxes not the people.
Oh never mind him, he's just saying things to stir shit with zero arguments.
Yes, essentially the taxes and royalties go to the government, it's on them to make a new one which will make sure that the country and its citizens will benefit from this industry.
But also the Venezuelan people directly, who will have direct, indirect, and induced employment. So connected to the industry, supply chain, supporting economy, etc. etc.