US express 'strong' concern over Chavez's nationalization plans |
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Tue, 09 Jan 2007 18:33
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WASHINGTON - The US expressed 'strong' concern over leftist Venezuelan President Hugo Chavez's plans to nationalize major utility and oil facilities thatcould violate existing bilateral contracts.Venezuela is a big supplier of oil to the US.'I think the goal here is to enforce the sanctity of contracts and at least according to what I have read, there is posibility that Mr Chevez has talked about that would violate that,' US Energy Secretary Samuel Bodman told reporters after talks with Japanese Trade Minister Akira Amari.'And we can express that in very strong terms, which I do here, and I am sure Secretary (of State Condeleezza) Rice will be doing the same,' Bodman said.Leftist Venezuelan President Hugo Chavez said Monday he would ask the legislature to approve the 'mother of all revolutionary laws' giving him the power to nationalize the power and telephone sectors.The proposed legislation would also allow Chavez to end foreign control of refineries of heavy crude from the Orinoco region in the east, where 'international companies control and dominate the refining processes of heavy crude.'Venezuela, which produces mostly heavy crude, relies on foreign companies, mainly from the United States, to refine much of its oil.US-Venezuelan relations have been strained since President Hugo Chavez took power eight years ago with populist, pro-Cuba policies and virulently anti-US rhetoric.But the United States is also Venezuela's largest trading partner, and Venezuela the source of about 11 pct of all US oil imports.newsdesk@afxnews.comafp/cmrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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