Venezuela's National Assembly has effectively ended the dependence of state petrochemical company Pequiven on state oil firm PDVSA by approving modifications to the 2002 Petrochemicals Law. One of the main goals of the reform law would be to introduce some sort of price control for petrochemical products in Venezuela.
With the reform, Pequiven will become a company that will execute the petrochemicals policy in Venezuela without depending on any other company or being a subsidiary. The Instituto Venezolano de Petroquimica (IVP), which was founded in 1956 as Venezuela's first state-owned petrochemicals entity, will receive the shares in Pequiven from PDVSA. An earlier provision allowing the sale of upto 49% of the shares in Pequiven was eliminated, ruling out any chance of the government selling a stake in the company while this law is in effect.
04-Nov-05 
