Brazil's state-owned oil giant Petrobras said on Tuesday that Venezuelan President Hugo Chavez's intention to nationalize key industries would not interfere with the company's investments in the country.

Petrobras CEO Jose Sergio Gabrielli told the Agencia Estado news agency that the nationalization process would not affect Petrobras's future investment plans in Venezuela.

He also said his company's bilateral negotiations with Venezuela's state-owned oil and gas company PDVSA over the building of a refinery in Brazil would not be affected.

On Monday, Venezuelan President Hugo Chavez, who begins another six-year term after a sweeping election victory, announced plans to nationalize power and telecom companies, saying that oil projects in the Orinoco River basin involving foreign oil companies should also come under national ownership.

All Petrobras's business activities in the country were already under the rules of the mixed economy implemented in Venezuela last year, the CEO said.

The CEO said Chavez's decision should not come as a surprise to anyone as he had started talking about nationalization a long time ago.

"(This announcement) should not surprise anyone," Gabrielli said. "He has been saying he would do this for a long time."

Meanwhile, Gabrielli confirmed that Petrobras was participating in public bidding for the expansion of natural gas exports from Bolivia to Argentina, but the executive refused to give further details.

Source: Xinhua