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Regions :: South America :: Venezuela

Venezuela’s Chávez Expropriates Venoco, Fertinitro Assets

October 12, 2010 | Kara Sissell

Venezuela’s president Hugo Chávez says the government has expropriated the assets of lubricants firm Industrias Venoco (Maracaibo) as well as the privately held portions of fertilizer firm Fertinitro in order to better serve the people of Venezuela.  The nationalization of Industrias Venoco and its affiliate companies will enable the government, through state owned oil company Petróleos de Venezuela (Pdvsa), to significantly lower the prices of lubricants, additives, and other automotive products which affect Venezuelans’ cost of...

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