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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Nationalizes Auto Lubricants, Fertilizer Firms

CARACAS – Venezuelan President Hugo Chavez approved the “forced acquisition” of Industrias Venoco, the Andean nation’s biggest auto lubricants company, and of fertilizer maker FertiNitro.

Chavez, who signed the expropriation order at the close of his Sunday radio and television show, said that the operation was proposed to him by the Energy and Petroleum Ministry.

The president limited himself to stating that the measure will put the national production of auto lubricants, special oils, grease, brake fluid and other basic materials in the sector under state control.

With the nationalization of FertiNitro, the state will control the greater part of the domestic production of fertilizers, urea and ammonia.

Last week, Chavez announced the expropriation of the country’s main manufacturer of agricultural products, Agroisleña, which was renamed Agropatria.

After the Sept. 26 legislative elections, Chavez said that he would “accelerate” decision-making to increase the economic weight of Venezuela’s socialist productive apparatus.

In those elections, pro-Chavez parties won 98 of the 165 seats in the National Assembly. EFE
 

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