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Exxon, Conoco Pull Out of Venezuela

Firms reject Chavez demand for 60% stake in future projects

By Dustin Lushing,  Newser Staff

Posted Jun 26, 2007 8:04 AM CDT

(Newser) – ExxonMobil and ConocoPhillips are bolting from lucrative operations in Venezuela in the wake of Hugo Chavez's demand that his state-run oil company receive at least a 60% share in projects. Talks over compensation fell apart hours before today's deadline to determine the future of four...   Read full story »

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