Venezuela nationalizes 60 oil service companies...

The Venezuelan government on Friday started the process to nationalize 60 oil service contractors and place them under the control of the state oil company, Petroleos de Venezuela. 

President Hugo Chavez was greeted by workers dressed in red and waving the company's flags on the Lake of Maracaibo in the oil rich state of Zulia, as he toured the newly expropriated installations. 

 "We are advancing the construction of socialism," Chavez told state television, as he spoke and shook hands with employees. "The profit will now stay with the workers," he added. More...

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