Venezuela's Chavez orders expropriation of two companies

Venezuela's Chavez orders expropriation of two companies

2010-10-11 18:53:46 GMT+7 (ICT)

CARACAS, VENEZUELA (BNO NEWS) -- Venezuelan President Hugo Chavez on Sunday announced the expropriation of the companies Industrias Venoco, a manufacturer of lubricating oils, and Fertinitro, a fertilizer company that has American and Italian capital.

Venoco, a Venezuelan company founded more than 50 years ago, has several sub-companies engaged in manufacturing and marketing of lubricating oils and greases, brake fluids, products for automobiles, chemicals and petrochemicals.

Fertinitro, a joint venture dedicated to the production and sale of fertilizers, already have public capital through the government agency Pequiven. The U.S. company Koch owns 35% of Fertinitro's capital, and Italy's Snamprogetti owns about 20% of the shares.

"We have long time working to build the country's sovereignty. You will see how we're going to start lowering the cost of these products and freeing workers," Chavez said during his weekly TV and radio program "Alo Presidente."

Last week, the leftist president ordered the expropriation of Agroisleña, a company that produces agricultural chemicals, after accusing them of price speculation.

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