CARACAS, Venezuela (AP) — Lawmakers loyal to President Hugo Chavez have given final approval to a bill allowing the government to seize control of fuel distribution in Venezuela.

Fuel 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 on Thursday.

The law permits Venezuela's state-run oil company, PDVSA, to takeover all wholesale fuel distribution, but allows 67 percent of Venezuela's gas stations to be privately owned.

The law also forces wholesale distributors to sell storage tanks and gasoline pumps to PDVSA.