By Dan Molinski

Of DOW JONES NEWSWIRES

CARACAS (Dow Jones)--Venezuela President Hugo Chavez has ordered an intervention of his country's main international airport, outside Caracas, because the state-owned facility isn't making a profit for the cash-strapped government.

During a cabinet meeting Tuesday night broadcast on state television, a visibly angry Chavez ordered Transportation Minister Francisco Garces to immediately take direct control of the Maiquetia International Airport, which handles close to 9 million passengers a year and is the 10th busiest in Latin America.

"It's a big airport. How is it that it's not turning a profit?" Chavez asked. "Look at the Jose Marti Airport in [Havana] Cuba. It gives the Cuban government $100 million a year of profits for operation, from the planes that come in and go out. [But here they tell me] 'Maiquetia doesn't make a profit.' How is that possible?"

The airport, which handles many major airlines including Air France (AF.FR), Delta (DAL) and American, is managed by the Maiquetia International Airport Institute, under the direction of the Transportation Ministry.

Looking directly at Garces during the meeting, Chavez said: "We must take control of this airport."

Venezuela's economy, which is largely based on its petroleum industry, is in a deep recession despite relative stability in oil prices during the past year. The country has seen a contraction in economic activity for the past five quarters, partly due to lower oil production but also due to a drop in imports due to tight foreign currency restrictions.

The country's economic woes have forced the government to issue billions of dollars in debt in recent months to shore up funds to meet a heavy social spending agenda that's key to Chavez' efforts to turn Venezuela into a socialist nation.

In ordering the intervention of the Maiquetia Airport, which is also known as the Simon Bolivar Airport, Chavez hinted at the country's economic struggles.

"We've got to take care of this economy," he said. "We can't continue depending on oil."

-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738; dan.molinski@dowjones.com