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25 Apr, 2007 13:50

Oil giants give Venezuelan government majority stakes

Oil giants give Venezuelan government majority stakes

In Venezuela, four international oil companies, Chevron, British Petroleum, Total and Statoil, have agreed to give the government a controlling interest in their oil projects.

U.S-based Chevron, British Petroleum, France's Total and Norway's Statoil all signed joint-venture agreements with Venezuela's state Petroleum monopoly.

The agreements give the government majority stakes in lucrative oil-pumping projects in the Orinoco River basin.

In February, Venezuela's President Hugo Chavez signed a decree nationalizing the country's oil and mineral resources.