Venezulean President Hugo Chavez on Saturday steered his oil-rich country more towards the left by proclaiming that his government would nationalize all of Venezuela's energy and telecommunications sectors.
Chavez announced the plans to take over majority stakes in industries such as oil, electricity and telecom during his annual state of the nation address before Venezuela's parliaments.
"We have decided to nationalize the whole Venezuelan energy and electricity sector, all of it, absolutely all," Chavez said, opening up what could be a battle between his government and the many foreign companies that operate in Venezuela.
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