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Chavez may soon nationalize pipe maker Helvesa
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CARACAS, Venezuela - Venezuelan lawmakers have paved the way for expropriation of pipe maker Helvesa by declaring the company to be of "public use."
Thursday's Official Gazette carries a declaration that taking over the company will strengthen Venezuela's oil, gas and petrochemical industry.
Lawmakers loyal to President Hugo Chavez approved the proposal to let the government take over Helisold de Venezuela SA, or Helvesa. The company based in Venezuela's northeastern Anzoategui state produces pipes for aqueducts and oil pipelines.
A presidential decree could now order Helvesa's assets be taken over. In a speech Saturday, Chavez suggested oil-related companies may risk expropriation.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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