Venezuela passes bill to take over of petrochemicals industry

17-Jun-09

Venezuelan President Hugo Chávez, after nationalizing the oil sector, keenly plans to do the same with petrochemicals. Lawmakers have given a final nod of approval to a bill for the government to acquire a minimum 50% stake in the petrochemical sector. The legislation approved by the predominantly pro-Chavez National Assembly requires private firms to form joint ventures with the state. The government plans to have control over these companies