Venezuela approves more state petrochems control

CARACAS (Reuters) - Venezuelan legislators on Tuesday approved a law to increase the stake President Hugo Chavez's government holds in the petrochemicals industry, the latest measure in his drive to forge a socialist state.

The law approved by the National Assembly, where Chavez supporters hold a majority, calls for joint ventures with a minimum 50 percent state control in primary and secondary petrochemical projects, the legislature said.

Chavez already nationalized strategic parts of the OPEC member's economy, including oil, steel and cement. He has paid some investors what experts say are fair prices for assets, but his takeovers of heavy oil assets triggered legal disputes.

"The state will have a minimum 50 percent participation in the process," the National Assembly said on its website.

The government has not named any companies that could be targeted under the new petrochemicals law. Investors such as Japan's Mitsubishi Corp (8058.T) and an affiliate of U.S. chemical maker FMC Corp. (FMC.N) already operate in the industry as partners with state-run Pequiven.

The Chavez government recently took over oil servicing companies who were owed debts by the state, including gas compressor units operated by U.S. oilfield company Exterran Holdings Inc (EXH.N).

Exterran said on Tuesday said it may seek compensation for its seized Venezuelan assets, which the company said had a book value of just under $400 million.

Chavez has stepped up his nationalization drive this year while increasing pressure on his opponents, including an anti-government private television station, as part of his Cuba-inspired revolution.

(Reporting by Patrick Markey in Caracas; Editing by Gary Hill)