CARACAS -- Venezuelan lawmakers called on President Hugo Chavez yesterday to take control of four heavy oil ventures run by foreign oil companies, including Exxon Mobil Corp. and ConocoPhillips, in the latest effort to grab a bigger share of energy industry profits.
Deputy Rodrigo Cabezas said the government should revoke the ventures' contracts because they leave state oil company Petroleos de Venezuela SA with only a minority stake.
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The four projects targeted in the latest recommendations are the largest undertaken by foreign companies in the country. In total, there is about $13-billion (U.S.) invested to produce about 600,000 barrels of synthetic crude a day -- about 23 per cent of Venezuela's oil output.
Spokesmen for the affected companies -- Exxon Mobil, Total SA, ConocoPhillips and BP PLC either declined to comment or didn't return calls.
more at link:
http://www.theglobeandmail.com/servlet/story/LAC.20060512.IBCHAVEZ12/TPStory/TPBusiness/America/Was going to post this in LBN, but thought it would be more fun to watch the foaming at the mouth and gnashing of teeth that a Chavez thread in GD always brings. :)
Sid
Edited: after the very astute observation in the first reply that foaming at the teeth doesn't really make sense :evilgrin: