Venezuela looks to nationalise local petchem industry - reports

04 June 2009 22:45  [Source: ICIS news]

HOUSTON (ICIS news)--Venezuela is attempting to pass a law that would allow the state to take control of the petrochemical industry, press reports said on Thursday.

The law would declare all petrochemical-related operations as “public utility”, part of a plan to tighten President Hugo Chavez’s grip over the economy, according to the reports.

The law passed its first reading in the national legislature on Thursday and will be debated further next Tuesday, press reports said.

The takeover of the petrochemical business follows Chavez’s ongoing nationalisation of oil companies in recent weeks. In the past month, Chavez has ordered the seizure of property from at least 74 oilfield services companies, reports said.

The Venezuelan government has also seized control over 14 natural gas compression plants, according to reports.

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By: Ben DuBose
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