Chavez To Take Control Of Orinoco Oil Projects

Law360, New York (February 2, 2007, 12:00 AM EST) -- Venezuelan President Hugo Chavez pushed ahead with his plan to nationalize the energy sector on Thursday, saying he would take control of a handful of oil projects in the Orinoco River basin by May 1.

Currently, Exxon Mobil Corp., Chevron Corp., BP Plc., ConocoPhillips Co., Total SA and Statoil ASA have a majority stake in the Orinoco projects, while the country’s state oil company, Petroleos de Venezuela SA (PDVSA), has a minority stake.

However, Chavez said PDVSA soon would have no less than a 60% stake...
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