US criticizes Chavez nationalization plan

WASHINGTON, Jan 9 (Reuters) The White House today criticized Venezuelan President Hugo Chavez's planned nationalization of utilities and telecommunications companies and said any US firms affected by it must be compensated.

''We've seen Chavez's statement. We've also seen the results of nationalization in other places, and in general these types of actions do not produce economic benefits as expected,'' said Gordon Johndroe, spokesman for the the White House National Security Council. ''If any U.S. companies are affected, we would expect them to be promptly and fairly compensated.'' REUTERS BDP BD2226