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US IOCs quit Venezuela
- Wednesday, June 27 - 2007 at 13:02
Venezuelan President Hugo Chavez has forced US oil giants Exxon Mobil and ConocoPhillips to quit their oil field concessions in a nationalisation drive, Business Day reported. The US said the move could hurt its oil supplies. Four other international oil companies - Chevron, Statoil, BP and Total - have signed agreements giving Venezuela at least 60% of projects worth $30bn.
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James McInerney, News EditorWednesday, June 27 - 2007 at 13:02 UAE local time (GMT+4)
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