Chavez signs decree to nationalize

petroleumworld

Venezuela’s President Hugo Chavez speaks during his Alo, President media show, at Miraflores Palace in Caracas, February 26, 2007.

By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 02 27 06

Venezuela’s President Hugo Chavez signed a decree Monday night for Venezuela’s oil company PDVSA to take a 60 per cent stake of all the foreign oil companies in venezuela. The heavy oil strategic associations projects in the Orinoco belt area and the profit & risk sharing associations projects on May 1, will have a controlling interest by PDVSA, nationalizing the facto all the foreign oil companies.- story

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