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Chavez nationalises country's largest electric company

Chavez nationalises country's largest electric company
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President Hugo Chavez’s government has clinched the nationalisation of Venezuela’s largest private electric company. An agreement to buy a controlling stake in EDC from US based owner AES has been signed in a deal worth some 570 million euros.

Venezuela’s Energy Minister Rafael Ramirez put pen to paper with the president of AES, Paul Hanrahan. Hanrahan made it clear it was not in AES’ plans to sell off the utility but respected the government’s decision to take control of the electricity sector.

Venezuelan Vice-President Jorge Rodriguez had a clear message: “To the people who are destroying the world, here is a relevant lesson…they will continue to hear more from us.” The leftist president Chavez plans to nationalise other companies in the sector as well as oil projects managed by Chevron Corp and Exon Mobil and the country’s largest telephone company. He calls the nationalisation drive vital to Venezuela’s strategic interests.