We are all Venezuelans now! CHA-VEZ! CHA-VEZ! CHA-VEZ!The Gulf Today reports:
CARACAS: Koch Industries said it had received no word that Venezuela nationalised Fertinitro, a large fertilizer maker in which the US-based group has a substantial stake.
Venezuela’s President Hugo Chavez announced that the takeover of Fertinitro, one of the world’s main producers of nitrogen fertilizer, days after vowing to radicalize his socialist “revolution” following legislative elections last month.
Koch has a 35 per cent stake in Fertinitro and Venezuelan state-run petrochemicals company Pequiven has 35 per cent. Saipem, a unit of Italy’s Eni, holds 20 per cent and local brewer and food company Polar has the rest.
“Koch Fertilizer has not received any official or informal notice, nor have we received any notification from Fertinitro regarding any disruption,” a Koch spokeswoman told Reuters by email. “We are attempting to obtain details and information.”
Chavez has put much of the OPEC member’s economy into government hands during his 12 years in power. He has said he will accelerate the pace of reforms after the opposition won 40 per cent of National Assembly seats and almost half the popular vote in Sept.26 parliamentary elections.
Also on Sunday, Chavez announced the nationalization of a local motor lubricants company and said the state would take control of nearly 200,000 hectares (494,000 acres) of land owned by British meat company Vestey Foods.
Last week, the government nationalised a major local agricultural supplies company, Agroislena.
Venezuela’s Oil Minister Rafael Ramirez said the nationalization of Fertinitro guaranteed the government access to all the fertilizer it needed for farmers and a nationwide seeding plan that would ensure abundant, cheap food for all. ...>more
