July 31 (Reuters) - Venezuelan President Hugo Chavez on Thursday announced the nationalization of one of the nation's largest banks, Banco de Venezuela, owned by Spain's Grupo Santander SAN.MC.
The self-styled revolutionary last year launched a broad nationalization campaign in the energy and telecommunications industries as part of a crusade to boost government control over the economy.
The following are the principal nationalizations carried out by the Chavez government and the foreign companies affected by the takeovers:
During the second half of last year, Venezuela took a majority stake in four heavy oil projects operating in the Orinoco River basin worth an estimated $30 billion.
Industry analysts said the companies that chose to stay were motivated mainly by a desire to keep a foothold in a country with some of the largest reserves outside the Middle East.
The Chavez government early last year nationalized CANTV TDVd.CR, the nation's largest telecommunications company, buying out U.S.-based Verizon Communications' VZ.N 28.5 stake for $572 million. Analysts said Verizon received fair compensations for its assets.
Venezuela early last year paid U.S.-based AES Corp AES.N $740 million for its 82 percent stake in Electricidad de Caracas EDC.CR, the nation's largest private power producer. Financial analysts described the deal as fair for AES.
As part of its electricity sector takeover, Venezuela also paid U.S.-based CMS Energy CMS.N $106 million for its 88 percent stake in power producer Seneca that operated on the tourist Caribbean island of Margarita. (Reporting By Caracas Newsroom; Writing by Brian Ellsworth; Editing by Peter Cooney))
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