Venezuela moves to nationalize chemical companies

Caracas-The government of Venezuela is considering the nationalization of some major chemical companies, requiring all offshore owners to hold only a minority stake. To date, it is unclear if the plans would impact all chemical companies, or most notably FertiNitro, the giant nitrogen plant that is 35 percent owned by Koch Industries Inc. Koch had not responded to inquiries last week. Other owners include Venezuela’s Pequiven at 35 percent, Snamprogetti at 20 percent, and 10 percent by a Cerveceria Polar, C.A. subsidiary. The move is similar to a one taken a few years ago with respect to oil companies.