Venezuela - Chavez Plans to Take More Control Of Oil Away From Foreign Firms

The Wall Street Journal (Excerpt) (Subscription required) ^ | April 24, 2006 | DAVID LUHNOW and PETER MILLARD

[HAL9000]

Excerpt -

Venezuelan President Hugo Chávez is planning a new assault on Big Oil, potentially taking a major step toward nationalization of Venezuela's oil industry that could hurt oil-company profits, reduce production and put further pressure on global oil prices.

Venezuela's Congress, made up entirely of Mr. Chávez's allies, is considering sharply raising taxes and royalties on foreign companies' operations in the Orinoco River basin, the country's richest oil deposit. Major oil companies like Exxon Mobil Corp. and ConocoPhillips of the U.S. and Total SA of France have invested billions of dollars there to turn the basin's characteristically tar-like oil into some 600,000 barrels a day of lighter, synthetic crude.

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[jazusamo]

Thanks for the pings. I've got some reading to catch up on now. Noticed you were gone for a while, glad you're back.