Venezuela to takeover oil services companies

Venezuela congress approved on Tuesday the first of two discussions on a proposed law that will give President Hugo Chavez the right to takeover foreign and local oil services companies. The Venezuelan Congress or National Assembly (AN) voted in favor of the new proposed Law that will give the right to the government to nationalize the foreign oil service companies that are engage in services such as drilling, manage oil rigs, water injection into oil wells, compressing natural gas and management of docks and motor boats.