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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: Helvesa next on the list of Nationalized companies?
CARACAS, Venezuela: Venezuelan lawmakers have paved the way for expropriation of pipe maker Helvesa by declaring the company to be of "public use."
Thursday's Official Gazette carries a declaration that taking over the company will strengthen Venezuela's oil, gas and petrochemical industry.
Lawmakers loyal to President Hugo Chavez approved the proposal to let the government take over Helisold de Venezuela, SA, or Helvesa. The company based in Venezuela's northeastern Anzoategui state produces pipes for aqueducts and oil pipelines.
A presidential decree could now order Helvesa's assets be taken over. In a speech Saturday, Chavez suggested oil-related companies may risk expropriation.
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