Global General

Venezuela govt expropriates 2 private companies

(Xinhua)
Updated: 2010-10-11 10:18

CARACAS - Venezuelan President Hugo Chavez announced on Sunday the expropriation of two private companies, during his Sunday TV show "Alo, President."

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The expropriated companies were Industrias Venoco and Fertinitro, as Chavez said that "since long time ago we have been working to build the sovereignty of the country."

"It is the same reason as before: we produce row material, then buy it, they have the plant and the workers are exploited and the products are sold four or five times more expensive," added Chavez.

Fertinitro was formed by the US Koch Industries and the state-run Petroquimica de Venezuela (Pequiven), with each one keeping 34.99 percent of the shares. The Italian Snamprogetti kept 19.99 percent of the shares.

Meanwhile, Industrias Venoco is a company with close ties with the state-run Petroleos de Venezuela (PDVSA) and Chavez did not mention more about its case.

Last week Chavez also announced the expropriation of the Spanish Agrosilena and the nationalization of the Compania Inglesa.