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Article: Venezuela : Chavez set to expand Venezuela oil nationalizations.
- Article from:
- TendersInfo
- Article date:
- June 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
President Hugo Chavez has already nationalized most of Venezuela's energy industry and is preparing to bring chemicals under his wing, but he may still target firms running gas and oil services.
A former soldier inspired by Cuba's Fidel Castro, Chavez has made energy nationalization the linchpin in his drive to build his own brand of socialism. He has also taken over assets in telecommunications, power, steel and banking.
Over the last month, Chavez has seized a gamut of mostly small oil service companies along with U.S.-owned gas compression units, adding to the mammoth heavy oil projects Venezuela took over in 2007.
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