On his weekly television and radio address to the nation President Hugo Chavez announced the "forced acquisition" of lubricant manufacturer Industrias Venoco CA - a target for nationalisation during the last two years.
He said the nationalsiation would take effect as soon as the decree confirming the takeover was issued.
Mr Chavez complained that companies like Venoco buy petroleum from the state oil company Petroleos de Venezuela SA and then cream off bumper profits by refining it into commercial products.
"They have plants, they have money and lubricants produce and sell them for four to five times more than they cost," he said.
"You are going to see how we will achieve this at lower prices."
President Hugo Chavez also announced that Venezuela would take over about 200,000 hectares of farm and ranch land after reaching an amicable settlement with British owner Vestey.
"It's a friendly agreement - I am very thankful to the owners of the English company which has been here for more than 100 years," Mr Chavez declared.
The fertiliser producer Sociedades Mercantiles Fertilizantes Nitrogenados de Oriente is also to be nationalised, Mr Chavez revealed.
