Venezuela to negotiate fair compensation with seized oil contractors

[spanza]

Economy
The Venezuelan government will negotiate this year a compensation with all the oil contractors expropriated under a law granting the state control over goods and services related to the oil sector, reported on Wednesday state-run oil company Petróleos de Venezuela (Pdvsa).

"All the companies will be compensated, all of them. Before compensation, however, we have to conduct the necessary assessments of all the assets that were expropriated," Eulogio Del Pino, the Pdvsa's vice president of exploration and production, said in a communiqué published by the state-run company.

A total of 78 oil service companies were expropriated by the Venezuelan government last May. Most of them were local firms engaged in transporting personnel and materials, maintenance and towing barges and the provision of services in docks, among others.

At least two foreign firms were affected directly by the law. The Simco consortium, with the participation of US company Wood Group, and American Williams, that operated two gas injection plants.


http://english.eluniversal.com/2009/10/14/en_eco_esp_venezuela-to-negotia_14A2894451.shtml