President Hugo Chavez has announced the immediate nationalisation of Venezuela's entire cement industry.

In a TV address, he said his government could not allow private companies to export cement that was needed to tackle a severe housing shortage.

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Three of Venezuela's largest cement companies are foreign-owned.

Mexico's Cemex has almost half the market, with most of the remainder controlled by Lafarge of France and Switzerland's Holcim.

In 2006, Venezuela enacted a law forcing foreign oil companies to give the state energy group, PDVSA, at least a 60% share in their Venezuelan operations.

(BBC)

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