Chavez Nationalizes Orinoco Oil Projects

Law360, New York (February 27, 2007, 12:00 AM EST) -- Venezuelan President Hugo Chavez signed a decree Monday that will transfer a handful of oil projects in the Orinoco River basin from private to state control.

The move, which has been expected for some time now, affects Exxon Mobil Corp., Chevron Corp., BP Plc., ConocoPhillips Co., Total SA and Statoil ASA, all of which have stakes in the projects.

The projects must be “in the hands of the Republic and not in the hands of transnational corporations,” Chavez said.

He added that the country’s state oil...
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