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Venezuela Approves Tighter State Petchem Controls (Update)

7:08 AM MDT | June 17, 2009 | Kara Sissell

Venezuela's National Assembly says it has approved a law that will require firms operating in the petrochemical sector to sign joint ventures with state petrochemical firm Pequiven, with Pequiven owning at least 50%. Ángel Rodríguez, head of the National Assembly's energy and mines commission, says the law gives the state greater control of the sector because private firms were previously allowed to have up to 100% stake in petchem operations. The new law could affect FMC, which has a third stake in a phosphorous plant at Morón, Carabobo...

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