Thursday, 3 May 2007Chavez takes control of last privately run oil fields
President Hugo Chavez's government took over Venezuela's last privately run oil fields Tuesday, intensifying a power struggle with international companies over the world's largest known petroleum deposit.
Newly bought Russian-made fighter jets streaked through the sky as Chavez shouted "Down with the US empire!" to thousands of red-clad oil workers, calling the state takeover a historic victory for Venezuela after years of US-backed corporate exploitation. The companies ceding control included BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France's Total SA and Norway's Statoil ASA. But they have leverage with Chavez because analysts agree Venezuela's state oil company, Petroleos de Venezuela SA, can not transform the Orinoco's tar-like crude into marketable oil without their investment and experience.
03.05.2007
AP Venezuela
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Thursday, 3 May 2007
Venezuela
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