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Article: More nationalization.(VENEZUELA)
- Article from:
- Caribbean Update
- Article date:
- July 1, 2009
CopyrightCOPYRIGHT 2009 Caribbean Update, Inc. 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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Venezuela moved to nationalize the chemicals industry as President Hugo Chavez tightens his grip over South America's third-largest economy, reports Bloomberg (June 5, 2009). A law requiring private sector chemicals-makers to become minority partners in joint ventures with the state passed its first reading in the national legislature, said National Assembly Deputy Angel Rodriguez:
Chavez, a self-described revolutionary socialist, has already forced all of the country's private oil ompanies into minority positions in joint ventures. In the past month, Venezuela ordered the seizure of property from at least 74 oilfield service companies and also started taking ...