Venezuela President Hugo Chavez Takes control of oil projects

[IsItJustMe]

Chavez had previously announced the government's intention to take a majority stake by May 1 in four heavy oil-upgrading projects run by British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA.

He said Monday that has decreed a law to proceed with the nationalizations that will see state oil company Petroleos de Venezuela SA, or PDVSA, taking at least a 60 percent stake in the projects.

http://news.yahoo.com/s/ap/20070227/ap_on_re_la_am_ca/venezuela_oil_nationalization

Bushco is gonna be pissed.

[Name removed]

1. Deleted message

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[Forkboy]

2. Oooooo

:popcorn:

[hack89]

3. After what happened to Iran

You would think Chavez would be a little cautious - if all he ends up doing is cutting Venezuela off from foreign investment then how does he plan to modernize and expand the oil industry? Iranian production is declining and they have to import gasoline for those very reasons. Chavez is toast if oil prices decline and he can't fund his programs.

[unkachuck]

4. you should of....

....made it 100%....make it while you can Hugo, they're jacking up our gas price again so you might as well get a taste of it....