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Regions :: South America :: Venezuela

Venezuela Aims to Nationalize Petrochemical Sector

8:20 AM MDT | June 15, 2009 | Kara Sissell

Venezuela’s National Assembly has proposed a law to assume greater control of the petrochemical sector, a move that was widely expected to pass into law by CW presstime. The proposal would allow private investment in petchems only if state-owned petrochemical firm Pequiven (Caracas) has a majority stake in the project. Hugo Chávez Administration officials say the law is warranted because it is in the public interest to ensure that key industrial sectors are under state control. Chávez: National control is on behalf of the ‘public...

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