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Venezuela to seize foreign oil projects
By NATALIE OBIKO PEARSON, AP Business Writer 12 minutes ago
President Hugo Chavez ordered by decree on Monday the takeover of oil projects run by foreign oil companies in Venezuela's Orinoco River region.
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.
"The privatization of oil in Venezuela has come to an end," he said on his weekday radio show, "Hello, President." "This marks the true nationalization of oil in Venezuela."
By May 1, "we will occupy these fields" and have the national flag flying on them, he said.
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when are people going to wake up and realize the threat these people pose if we cant drill and refine our own freaking oil?
I hope Canada does, they deserve it.
Great. Let Canada follow Venezuala, Cuba, great lead in. Cheers!
I think it will be good for Venezuela. More power over their own resources shouldn't hurt. Maybe Canada should follow suit.
they wont have more power over their own resources though. Chavez will. Have you ever known a communist dictator to do whats in the best interests of the people?
I personally would like to see all countries take control of all their oil and tell the United States to take a hike and get their own oil and stop shipping it here. Maybe then we could tell all the tree hugging animal loving idiots to "GET OUT OF THE WAY, WE HAVE OIL TO DRILL FOR".
I think it is absolutely hideous that Venezuela wants to retain control of its own resources. It's almost as bad as wanting a citizen of Venezuela to run the country.
Why wouldn't these 'animal loving idiots' just tell you to 'GET OUT OF THE WAY, WE ACTUALLY GIVE A SHIT ABOUT EARTH YOU NARROW-MINDED LUDDITES!"
I guess the more violent and well armed side would win out...
I think it will be good for Venezuela. More power over their own resources shouldn't hurt. Maybe Canada should follow suit.
You know everyone should have power over their own resources. What you and others are failing to understand so I will type very slow for you.....
The investors in the Venezuela oil industry do all the hard work. Exploration, developement, and extraction af the oil and along comes big boy Hugo and says "Ohh by the way your no longer needed and I will be taking 60% interest in everything you do for now on."
Gee that sounds like a great business partner. Let you (the investor) do all the hard work put all your money upfront, pay royalties, and pay exploration taxes and numerous other unspecified fees to the government in the hopes that you might make some money and put a lot of people to work. Ohh wait after you do all of this I the Great and Powerful Hugo Chaves will take all of your equipment and exploration knowledge and, heres the tough part for some of you STEAL IT
Again you dont UNDERSTAND. No one is stealing anything from Venezuela. It is being purchased.If you live in Venezuela and someone is going to steal your money, who do you choose to do it -- someone who lives in your country, or the representative of another country?
The United States has been meddling in Central and South American affairs for more than a hundred years. Perhaps Chavez should kick us out of the country. And perhaps others should follow suit.
