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Caracas, February 2, 2007 (venezuelanalysis.com)— Venezuelan President Hugo Chavez announced the government’s planned takeover of the Orinoco belt oil fields, and the re-nationalization of the electricity sector at an international press conference yesterday. He also responded to U.S. President George W. Bush’s “concerns” over Venezuelan democracy.
Oil fields takeover
In front of the assembled audience of foreign correspondents, President Chavez signed the Enabling Law, passed by the National Assembly Wednesday. The law will allow Chavez to pass laws by decree in eleven different areas for a period of 18 months.
At the news conference, Chavez outlined plans for Venezuela 's state oil company Petróleos de Venezuela SA (PDVSA) to become the majority stakeholder in four projects in the Orinoco belt oil fields, with a minimum stake of 60%.
The Venezuelan Head of State expressed his hope that the five foreign firms operating in the Orinoco Oil Belt, which include Exxon Mobil, Chevron Corp., British Petroleum PLC, Total SA and Statoil ASA, would remain as minority partners."I'm sure that they
are going to accept because we are going to continue being partners, but if they aren't in agreement, they are totally free to leave," he said.
http://www.venezuelanalysis.com/news.php?newsno=2208
President Chavez signs the enabling law, which will allow him to pass laws by decree for the next 18 months.
Credit: ABN