Venezuela has seized a major oil installation from the U.S.-based Williams companies, Reuters quoted a company source.President Hugo Chavez said his government would begin seizing control of some oil contractors on Friday following the National Assembly's approval of a law that paved the way for the takeovers.The law approved by the largely pro-Chavez assembly on Thursday enables state oil company Petroleos de Venezuela SA, or PDVSA, to take over contractors without following the usual procedures to expropriate business....
Venezuela Seizes Oil Installation From U.S.-Based Company
Venezuela has seized a major oil installation from the U.S.-based Williams companies, Reuters quoted a company source.President Hugo Chavez said his government would begin seizing control of some oil contractors on Friday following the National Assembly's approval of a law that paved the way for the takeovers.The law approved by the largely pro-Chavez assembly on Thursday enables state oil company Petroleos de Venezuela SA, or PDVSA, to take over contractors without following the usual procedures to expropriate business....

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