February 15, 2007
Venezuela nationalization underway

(Prensa Latina)- "Venezuela Telecommunication and Computing minister Jesse Chacón guaranteed the efficiency of Venezuela National Anonymous Telephone Company (CANTV), which the State recently acquired as part of its plans to nationalize industry.

Chacón assured the sustainability and efficiency of the company will remain, urged Venezuelans to contribute with payment of bills, and said access will be boosted.

The Venezuelan government obtained the CANTV majority shares after signing a Memorandum of understanding with the US Verizon Communication enterprise.

In that way 28.51 percent of CANTV fell into State hands for the amount of over 572 million dollars.

With this signature begins the nationalization process of one of the country s most strategic enterprises.

The minister highlighted the importance the government gives to telecommunications after pointing that the enterprise will be for all the Venezuelans who will have the possibility to participate in the execution of projects and social control".