Exxon to Cede Oil Project Ops to Venezuela by May
Exxon Mobil Corp. (XOM.N) plans to hand operations of a multibillion-dollar oil project to the Venezuelan state before a May 1 deadline imposed by President Hugo Chavez, industry sources told Reuters on Thursday.
Chavez this week signed a decree for the government to take a majority stake in four heavy crude upgrading projects in the Orinoco basin by May 1 as part of a nationalization drive toward Cuba-inspired socialism.
The move shows Exxon, the world's largest company, complying with Chavez's order to cede control of the Cerro Negro project despite doubts over whether private companies will in fact meet Chavez's ambitious deadline.
Energy authorities in 2006 extended an initial deadline to take control of oilfields operated by private and foreign oil companies, which operated the fields for three months as negotiations continued.
LinkHere
Chavez this week signed a decree for the government to take a majority stake in four heavy crude upgrading projects in the Orinoco basin by May 1 as part of a nationalization drive toward Cuba-inspired socialism.
The move shows Exxon, the world's largest company, complying with Chavez's order to cede control of the Cerro Negro project despite doubts over whether private companies will in fact meet Chavez's ambitious deadline.
Energy authorities in 2006 extended an initial deadline to take control of oilfields operated by private and foreign oil companies, which operated the fields for three months as negotiations continued.
LinkHere
posted by Kangaroo Brisbane Australia at 4:52 PM
0 Comments:
Post a Comment
<< Home