Venezuela Boosts Control Over Petrochemicals
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CHRISTOPHER TOOTHAKER
CARACAS, Venezuela (AP) Lawmakers loyal to President Hugo Chavez gave final approval on Tuesday to a bill paving the way for Venezuela's government to take a minimum 50 percent stake in the country's petrochemical companies.
The legislation approved by the predominantly pro-Chavez National Assembly requires private firms to form joint ventures with the state, which would take a minimum 50 percent stake in the projects.
Venezuela's government "will have control over these companies," said Angel Rodriguez, president of the assembly's Energy and Mines Committee. The newly approved legislation, he added, will create jobs and boost the aggregate value of our hydrocarbons. ...
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