Venezuela Boosts Control Over Petrochemicals

"The government is establishing a wider role for itself while allowing some room for private sector participation where it is absolutely necessary due to heavy need for investment and expertise," Patrick Esteruelas, an analyst with the Eurasia Group in New York, said in a statement released on Tuesday.

Critics warn Chavez is scaring off foreign investment.

Venezuela plans to invest $20 billion in its petrochemicals industry during the next four years, Rodriguez said.