Chavez to seize some oil contractors under new law

Source: CCTV.com | 05-08-2009 19:55

Venezuelan President, Hugo Chavez, says his government will begin seizing control of some oil contractors.

The National Assembly of Venezuela approved a new law earlier in the day, which allows the government to seize the goods and services related to the primary activities of hydrocarbons. It also gives the government greater control of the oil-service industry.

Chavez says state-owned Petroleos de Venezuela will take control of 300 boats as well as dozens of docks and other transportation installations on western Lake Maracaibo. It will also absorb the 8-thousand workers affected.

Editor:Du Xiaodan