Venezuelan troops today occupied about 60 privately owned companies that provide support to the country's oil industry, according to dpa. The move follows an order on Friday from President Hugo Chavez, who ordered the full or partial takeover of about 60 firms in the state of Zulia. Chavez's order came after legislative enactment of a new hydrocarbons bill. According to media reports citing Energy and Oil Minister Rafael Ramirez, more than 80 per cent of those companies now find themselves under the control of the state-owned PDVSA oil company. Zulia is in the country's north-west, near the border with Colombia. Chavez says the nationalization will save Venezuela about 700 million dollars a year. The move also places about 8,000 employees on the government's payroll. Venezuela is the fifth-largest producer of oil worldwide. Government officials said that money that would have gone to the private companies will now become state profit, which can be redistributed for social development projects across Venezuela.
