Venezuela nationalizes oil service firms, seizes assets
05/13/09 22:33
Venezuelan President Hugo Chavez continues his plan to nationalize Venezuela's oil industry, the country's top industry, by arming himself with new legislation that will pave the way for nationalization.
Just recently, Chavez ordered the state oil firm to seize the assets of more than 60 local and foreign oil service firms in the country. This is despite the fact that having the government control the industry may be very risky.
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