CARACAS, Venezuela: Lawmakers loyal to President Hugo Chavez gave final approval on Thursday to a bill allowing the Venezuelan government to seize total control of the nation's fuel distribution.

Under the law, distributors including subsidiaries of British Petroleum, Exxon Mobil Corp. and Chevron Corp., will have 60 days to negotiate the sale of their businesses to the government or face expropriation.

The National Assembly, which is controlled by Chavez allies, approved the legislation with a near unanimous vote. Seven lawmakers belonging to Podemos, the only opposition party representated in the 167-seat assembly, voted against the bill.

The law permits Venezuela's state-run oil company, Petroleos de Venezuela SA, or PDVSA, to take over all wholesale fuel distribution, but allows 67 percent of the country's gas stations to be privately owned. It also forces wholesale distributors to sell storage tanks and gasoline pumps to PDVSA.

Under Chavez, the socialist government has nationalized Venezuela's largest telephone, electricity, steel and cement companies and has assumed majority control over four major oil projects.

Angel Rodriguez, a pro-Chavez lawmaker, said PDVSA plans to spend US$325 million to acquire 1,200 fuel transport trucks currently owned by private wholesalers.

Local wholesalers Trebol and Llano Petrol together control 26 percent of the market. BP controls 7 percent while Exxon and Chevron control 5 percent and 3 percent, respectively.

The remaining 10 percent is controlled by smaller Venezuelan companies.

Trebol Vice President Orlando Gonzalez said wholesale fuel distributors would cooperate with Chavez's administration as the state takeover proceeds, but they hope to remain active in the business.

"We will continue making alternative proposals to continue operating without being wholesalers," Gonzalez said. "The game isn't over."