Hugo Chavez reforms bank system of Venezuela
The president of Venezuela Hugo Chavez has signed a package of laws on reform of bank system of the country. The package consists of 26 laws, inuring the special order of the president of Venezuela. Such information has been represented in release of the official publication of the government of Venezuela Official Gazette. Details of bank reform of Venezuela have not been specified yet.
Let’s remind, earlier it was informed that Hugo Chavez prepares for nationalization Bank of Venezuela, divisions of Spanish bank Grupo Santander.
In June the leader of Venezuela has signed the decree about nationalization of three large cement companies. Nationalization has tough Venezuelan business branches of Mexican Cemex SAB, French Lafarge SA and Swiss Holcim Ltd. passes approximately 60 % of actions of these cement companies are under governmental control.
On May, 1st, 2008, Chavez has signed the decree about nationalization of Sidor, having threatened to expropriate a share of company Ternium in Sidor, a component of 60 %, without payment for it indemnifications. According to the president, Ternium has asked for a share in the company the “transcendental” sum of 4 billion dollars whereas the Venezuelan government has estimated a package of no more than 800 million dollars
In January, 2007, Chavez has signed the decree about nationalization of oil deposits in a river basin of Orinoco. According to the document, the foreign companies should sell national oil company Petroleos de Venezuela SA (PDVSA) a share at the rate of not less than 60 % in projects on oil recovery.
BP PLC, ExxonMobil Corp., Chevron Corp., Total SA, Statoil ASA and ConocoPhillips have agreed with these conditions. Later it became known, that ExxonMobil Corp. and ConocoPhillips will not sign contracts with Venezuela on investigation and oil recovery in the country.
