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Weekly Report - 1 March 2007
VENEZUELA: "Strategic nationalisation" continues
President Hugo Chávez signed a decree nationalising the Orinoco oil fields this week. The word "nationalisation" is a misnomer. The foreign companies operating the fields will simply be coerced into accepting a position as minority shareholders in joint ventures with the state-owned energy company Pdvsa, which will have at least a 60% stake. The companies affected are Exxon Mobil, Chevron, ConocoPhillips, Total and Statoil. "Privatisation of oil in Venezuela is now over," Chávez said. "It was the last area we still had to recover."
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