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Venezuela Moves to Nationalize Petrochemical Sector

8:58 AM MDT | June 5, 2009 | Kara Sissell

Venezuela’s National Assembly has advanced a law to nationalize petrochemical plants, and will allow foreign investment in petrochemicals only if Pequiven has a majority stake in the project. The law is expected to easily pass the National Assembly by the end of next week. The proposal “reserves for the state any basic and intermediate petrochemical activity, as well as the equipment, goods, or services that its maintenance requires, either by direct control of the executive, or by means of companies in its exclusive control,” according to the...

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