Learn mandarin - Venezuela to seize foreign oil projects

WORLD / America

Venezuela to seize foreign oil projects

(Agencies)
Updated: 2007-02-27 08:30

Venezuela's President Hugo Chavez speaks during a news conference at
Miraflores presidential palace in Caracas, Feb. 24, 2007. [AP]

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.

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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 ASA.

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 percent stake.

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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