Venezuela May Pass Law to Seize Oil Services Cos

Venezuelan lawmakers are ready to support a law that would allow President Hugo Chavez to seize the assets of all oil-services companies, giving the state greater control over the industry.

Members of Venezuela’s National Assembly may approve in a first reading the law proposal Tuesday that would declare of “public interest” all goods and services related to primary hydrocarbon activities, a needed step before expropriation.

“This allows the government to seize or nationalize all oil-services companies or to create joint-venture deals with those firms,” Angel Rodriguez, a senior lawmaker and head of the congressional energy commission, told Dow Jones Newswires Tuesday.

Rodriguez said congress has given the measure emergency priority, meaning a final approval would happen in 30 days.

Rigzone