Venezuela Suggests Control of Oil Projects [View All]

[struggle4progress]

By NATALIE OBIKO PEARSON
The Associated Press
Thursday, May 11, 2006; 6:20 PM

CARACAS, Venezuela -- Venezuela's congress, dominated by supporters of President Hugo Chavez, released a report Thursday recommending the state assume majority control of key heavy oil projects run by companies like Chevron Corp. and Exxon Mobil Corp. in its oil-rich Orinoco River basin.

Such a move, which Chavez has yet to publicly endorse, would bring all active oil-producing operations run by foreign companies in Venezuela effectively under state control.

http://www.washingtonpost.com/wp-dyn/content/article/2006/05/11/AR2006051101513.html