President Hugo Chavez has pledged to nationalize key Venezuelan companies

Mr Chavez said he wanted to see major Venezuelan power and telecoms companies come under state control.

He also called for an end to foreign ownership of lucrative crude oil refineries in the Orinoco region.

Mr Chavez's comments came in an address to the nation following the swearing in of his new cabinet.

He will be sworn in for a third term of office on Wednesday, after winning presidential elections in December with almost 63% of the vote.

Relations between Caracas and Washington have come under increasing strain in the past few years, with the US accusing Mr Chavez of trying to destabilise Latin America.

Recovering ownership

Mr Chavez said Venezuela was moving towards "a socialist republic" that required "deep reform of our national constitution".

"We are in an existential moment of Venezuelan life," he said. "We're heading toward socialism, and nothing and no-one can prevent it."

Mr Chavez demanded an end to the current autonomy of the country's central bank and said he would ask Venezuela's parliament to grant him additional powers to legislate by presidential degree.

His calls for nationalization appeared in particular to affect Electricidad de Caracas, which is currently owned by US firm AES, and CA Nacional Telefonos de Venezuela, the country's largest publicly traded company.

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