Venezuela’s Chavez seeks control of gas projects

CARACAS (Reuters) – Venezuelan President Hugo Chavez on Wednesday recommended the state take control of natural gas projects as part of his intensified program of nationalization.

Venezuelan law currently allows foreign firms to own gas projects in the Caribbean state but Chavez proposed a legislative change.

Speaking at his swearing-in ceremony, Chavez said the constitution “reserves oil activities (for the state) but not gas. In there, it should refer to hydrocarbon activities, liquid, solid and gas.”

Taking control of the gas sector could affect companies such as Anadarko, Chevron and Statoil.

Reuters