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Chavez Tightens Grip on Oil Industry

Venezuela to take control of oil service companies

By Rob Quinn,  Newser Staff

Posted May 8, 2009 6:10 AM CDT
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(Newser) – Venezuelan President Hugo Chavez is stepping up state control of his nation's oil industry, the BBC reports. The president has announced plans to seize the assets of some foreign oil contractors who threatened to stop work in protest over unpaid bills, and the country's national assembly has approved measures to nationalize all companies providing services to the industry.

To date, state control of the industry has been restricted to production and exploration.

Venezuela's President Hugo Chavez gestures as he delivers a speech during Labor Day in Caracas.
Venezuela's President Hugo Chavez gestures as he delivers a speech during Labor Day in Caracas.   (AP Photo/Fernando Llano)
Venezuela's President Hugo Chavez has stepped up efforts to nationalize all aspects of the country's oil industry.
Venezuela's President Hugo Chavez has stepped up efforts to nationalize all aspects of the country's oil industry.   (AP Photo/Miraflores Press Office)
Oil pumps at work near Cabimas in western Zulia state, Venezuela.
Oil pumps at work near Cabimas in western Zulia state, Venezuela.   (AP Photo/Rachel Jones)
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COMMENTS
Showing 3 of 11 comments
Mad
May 9, 2009 12:45 PM CDT
Righteous, Brother Robert! Very well said. If you hear it echoed back to you, yet attributed it to me, just know I was thinking of you when I bitchslapped some idiot republican when they spew "Obama is a socialist, Obama is socializing the banks". You (we) go!
lindamae
May 9, 2009 6:16 AM CDT
From your fingers to God's lips. I hope He has internet in heaven.
lindamae
May 9, 2009 6:14 AM CDT
Perhaps Sean Penn could use his great friendship with this robust and friendly man to convince him tht what he is doing is just so wrong. Or perhaps Penn will talk to Obama and convince him to do this here. Maxine Waters is on record - You Tube - announcing that she intended to "socialize" the energy industry.

Chavez plans to seize oil contractors' assets
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Venezuela • nationalization • Hugo Chávez • oil industry

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