Chavez to be granted new powers

Venezuelan President Hugo Chavez is expected to be granted special powers to make sweeping changes to the country’s national life.

Members of the National Assembly are due to finalise a law allowing Mr Chavez to rule by decree over the energy sector and 10 other broad areas.

Mr Chavez has said he wants to speed up his “maximum revolution” but critics say it will be an abuse of power.
It is expected that President Chavez will, in effect, nationalise the oil and gas industries, taking a majority share in their ownership.

That would involve companies like Exxon, BP and Chevron.

It is not certain what, if any, form of compensation those companies might receive.

BBC