The National Assembly gave preliminary approval Tuesday to legislation that would let President Hugo Chavez's government seize control of some oil service companies without following usual legal procedures for expropriating private businesses.
State oil company Petroleos de Venezuela SA, or PDVSA, has clashed in recent months with domestic and foreign firms over their fees for providing equipment and services to help extract crude. PDVSA wants to slash those costs 40 percent because its revenues have plunged due to the fall in oil prices, and it says some contracts are now overvalued.
Under Chavez, Venezuela has nationalized four major oil projects as well …
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