Chavez's nationalization plan, Bush express concern

Washington, Feb 1: US President George W Bush today expressed concern at Venezuelan President Hugo Chavez's plans for nationalising his country's oil and utility assets.

Venezuela's Congress today granted Chavez decree powers enabling him to push through a nationalisation programme that is at the heart of his self-styled leftist revolution.

Asked about Chavez's plan for a government takeover of some businesses, Bush told Fox News Channel's Neil Cavuto: ''Well, it's a hypothetical. My worry, of course, is that the nationalisation of industry will make it harder for the Venezuelan people to be lifted out of poverty, will make it harder for the people to realize their full potential.'' ''I'm concerned about the Venezuelan people, and I'm worried about the diminution of democratic institution(s), as well as nationalisation efforts that may or may not be taking place,'' Bush said, according to excerpts from a transcript of the interview, to be broadcast later today.

Venezuela is the fourth largest oil exporter to the United States and Washington, which has been at odds with Chavez for years, had previously criticised the nationalisation plan unveiled earlier this month by Chavez.

The Venezuelan leader is known for his fiery anti-US rhetoric and is a close ally of Cuban President Fidel Castro.

The White House said that any US firms affected by nationalisations must be compensated fairly.

Reuters