Venezuela To Be The Leader: Chavez

Venezuela?s President Hugo Chavez suggested the idea to amalgamate South America's energy companies under Venezuelan leadership, in order to jointly counter Washington's influence in the oil industry.

He suggested to create a transnational oil company called Petroamerica, has already faced a host of bureaucratic and practical hurdles.

Chavez says that integrating oil and gas companies across Latin America will make energy providing more cheaply and more efficiently, and maintain the region's influence in energy.

Chavez said Thursday, "We should be a great republic, this South America".