Chavez challenges oil companies to sue |
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Sat, 14 Apr 2007 00:17
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CARACAS, Venezuela (AP) - President Hugo Chavez on Friday challenged foreign oil companies to sue his government if they want but said his plans to nationalize their operations in Venezuela's Orinoco River region would not be derailed.'Whoever wants to sue can sue,' Chavez told a news conference, but Venezuela has 'every right' to take over the four oil projects run by BP PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips, France's Total SA and Norway's Statoil ASA, he said.Chavez has decreed that state oil company Petroleos de Venezuela SA, or PDVSA, take a minimum 60 percent stake in projects. He insists the companies are welcome to stay on as minority partners, but that Venezuelan troops will take control of the fields on May 1.'We don't want them to go ... I think most of them want to stay,' Chavez added.But he warned them not to seek excessive compensation from his government.'Don't anyone try to abuse our good faith. We know the exact cost of every meter of pipeline, every installation made, every investment made,' he said.The companies have spent billions of dollars (euros) in investments in the four projects, which upgrade heavy, tar-like crude into more marketable oils and are considered Venezuela's most promising.Negotiations over the takeover have yet to yield an agreement and are expected to be difficult.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Chavez decrees takeover of foreign oil 