Venezuela

As President Hugo Chavez battles American and European oil companies for control of several major oil projects in Venezuela, a Standard & Poor’s report issued Tuesday claimed that Venezuela-style nationalization will not sweep Latin America.

In their report, S&P credit analysts admitted that the highly publicized nationalization of significant industries in Venezuela raises concerns that it may the beginning of a trend that could lead to foreign corporations to re-examine their Latin American strategies.

S&P noted, however, that “all nations in the region aren’t marching in lockstep. The climate for foreign investment in Latin America will continue to vary widely, largely dependent on the national administration in each country.”

Mineweb