Chavez To Seize Some Oil Contractors Under New Law

RACHEL JONES

CARACAS, Venezuela (AP) — President Hugo Chavez said his government will begin seizing control of some oil contractors on Friday following the National Assembly's approval of a law that paved the way for the takeovers.

The law approved by the largely pro-Chavez assembly on Thursday enables state oil company Petroleos de Venezuela SA, or PDVSA, to take over contractors without following the usual procedures to expropriate business.

"Tomorrow we'll start recovering the goods and assets that will now belong to the state," Chavez said in a televised speech late Thursday after the legislative vote. ...