VENEZUELA: Battle for control of economy continues

Submitted by Webmaster on Sun, 13/05/2007 - 14:00

Venezuela’s socialist President Hugo Chavez threatened a round of new nationalisations when he announced fresh plans on May 3 to develop Venezuela’s economy along pro-people lines. This followed the May 1 nationalisations of oil projects in the Orinoco Belt, believed to be home to the world’s largest oil reserves, which gave the state-owned oil company PDVSA at least 60% controlling share of existing ventures owned by five oil multinationals, worth US$17 billion.

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