Chávez nationalizes lubricants company

Venezuelan President Hugo Chávez announced the nationalization of Industrias Venoco, the country’s largest independent automotive lubricants company. Chávez, whose socialist government has nationalized more than 300 companies over the past two years, said the expropriation also includes all of Venoco’s subsidiaries, including Nacional de Grasas Lubricantes (CANGL) and Aditivos de Orinoco (ADINOVEN). Chávez accused Venoco of overcharging for lubricants and other oil derivative products, and said that with the company in government hands, drivers can expect prices to come down soon. Venoco is almost entirely owned by Franklin Duran, who was found guilty in a U.S. Federal Court in Miami of being an unregistered foreign agent in 2008. (October 11, 2010)