Petróleos de Venezuela (PDVSA) is a state-owned Venezuelan oil and natural gas company. It specializes in exploration, production, refining and exporting oil, as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter. Currently it has a presence in Uruguay, Bolivia, Cuba, China, Argentina, Brazil, UK and the Netherlands amongst other countries.