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Venezuela to seize foreign oil projects

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posted on Feb, 26 2007 @ 06:44 PM
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Venezuela to seize foreign oil projects


Source Link: news.yahoo.com

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.

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.
(visit the link for the full news article)




posted on Feb, 26 2007 @ 06:46 PM
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While its not an outright nationalization of the nations oil, its only a matter of time IMHO that he pulls the trigger on that step. I wonder if he should do a little reading on Dr. Mohammed Mossadegh and see what may be in store for him. I doubt the world would simply sit by. It may give other countries ideas.



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