Venezuela to seize foreign oil projects
Updated: 2007-02-27 08:30
Venezuela's President Hugo Chavez speaks during a news
conference at Miraflores presidential palace in Caracas, Feb. 24,
Caracas - Venezuela President Hugo Chavez ordered by decree on Monday the
takeover of oil projects operated by foreign oil companies in Venezuela's
Orinoco River region.
Chavez previously announced the government's intention to take a majority
stake by May 1 in the four heavy oil-upgrading projects run by British Petroleum
PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil
He said Monday that he has officially signed the decree to proceed with the
nationalizations through which the state oil company will take at least a 60
Chavez has been given special powers by congress for 18 months to issue laws
by decree in energy and other areas.
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