Venezuela has begun the scale nationalization
9 February 2007Scale nationalization in Venezuela is continue to grow: on Thursday Ugo Chavez government has agreed about the repayment of 82 percent share holding of the largest private power company of country Electricidad de Caracas, belonging the American company AES Corp.
Having estimated the campaign in 900 million US dollars, the Minister of Power of Venezuela has also told that the shareholders can keep the packages or to sell the shares to the government within the limits of the transaction which is planned to be finished by April, 30th. Earlier the government promised to nationalize Electricidad de Caracas only by July.
The President Chavez, who has received emergency powers on one and a half year from the Parliament, also plans to nationalize the largest telecommunication company of the country and the basic oil actives belonging foreigners that has forced observers to expect construction in Venezuela command economy of socialist type.
AES has paid 1, 6 billion dollars for Electricidad de Caracas, and then has invested 600 million dollars more within six years in it. Nevertheless, the President of AES considers that nationalization has been lead according to laws of Venezuela and was a “fair” process.
Electricidad de Caracas, the power-spreading company serving the capital of the country, did not raise tariffs on demand of the government, despite of two-place inflation. The company also has had great losses because of the scale illegal connections to its network in the poorest areas of the city.
- New “Gas OPEC” is almost created
- Nicaragua will be included into the economic union Venezuela-Сuba-Bolivia
- The World economic forum has begun its work in Davos
Leave a reply
You must be logged in to post a comment.
