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Chavez to be granted new powers Chavez to be granted new powers
(about 3 hours later)
Venezuelan President Hugo Chavez is expected to be granted special powers to make sweeping changes to the country's national life. Venezuela's assembly is holding an extraordinary session in the main square of Caracas which is expected to grant special powers to the president.
Members of the National Assembly are due to finalise a law allowing Mr Chavez to rule by decree over the energy sector and 10 other broad areas. If passed, Hugo Chavez will be able to rule by decree for the next 18 months.
Mr Chavez has said he wants to speed up his "maximum revolution" but critics say it will be an abuse of power. His planned reforms would affect the energy sector, telecommunications, the economy and defence, among others.
The US has accused him of threatening democracies in Latin America. Mr Chavez has said the legislation will transform the country into a socialist society. Opponents describe the new law as an abuse of power.
The National Assembly is due to pass the enabling law later Wednesday in a special session held outdoors in central Caracas.
The law will allow Mr Chavez to rule by presidential decree over 11 broad areas from energy to the economy to defence for the next 18 months.
Commanding positionCommanding position
It is expected that President Chavez will, in effect, nationalise the oil and gas industries, taking a majority share in their ownership.It is expected that President Chavez will, in effect, nationalise the oil and gas industries, taking a majority share in their ownership.
That would involve companies like Exxon, BP and Chevron.That would involve companies like Exxon, BP and Chevron.
It is not certain what, if any, form of compensation those companies might receive.It is not certain what, if any, form of compensation those companies might receive.
Mr Chavez has popular support after his re-election victory last year, the assembly is on his side after the opposition boycotted parliamentary elections in 2005, and Venezuela is reaping huge revenues from high oil prices.Mr Chavez has popular support after his re-election victory last year, the assembly is on his side after the opposition boycotted parliamentary elections in 2005, and Venezuela is reaping huge revenues from high oil prices.
The BBC's Duncan Kennedy says this puts him in a commanding position to enact his ambitious programme. He wants to scrap presidential term limits and rewrite the constitution to build what he calls "socialism for the 21st Century".
He wants to scrap presidential term limits and rewrite the constitution to build what he calls "socialism for the 21st Century". Officials say he has no intention of turning Venezuela into a communist state, arguing that freedom of speech and religion will all be safe. Officials say he has no intention of turning Venezuela into a communist state, arguing that freedom of speech and religion will all be safe.
But the US has again been critical of his leadership.But the US has again been critical of his leadership.
John Negroponte told a hearing to confirm his position as the new deputy secretary of state that Mr Chavez has not been a "constructive force in the hemisphere".John Negroponte told a hearing to confirm his position as the new deputy secretary of state that Mr Chavez has not been a "constructive force in the hemisphere".
"He has been trying to export his kind of radical populism and I think that his behaviour is threatening to democracies in the region," Mr Negroponte said."He has been trying to export his kind of radical populism and I think that his behaviour is threatening to democracies in the region," Mr Negroponte said.