InfoAnda - Venezuela oil takeovers may leave 22,000 jobless

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Venezuela oil takeovers may leave 22,000 jobless AFP - 2 hours 33 minutes ago CARACAS (AFP) - - Venezuelan unions estimated that nearly 22,000 oil contractors stand to lose their jobs after President Hugo Chavez's government seized the assets of 60 local and foreign-owned oil firms. ADVERTISEMENT "This law does not benefit us," Bernardino Chirinos, leader of the Union of Oil Workers in the western state of Zulia, told El Nacional newspaper. "There are 35,000 workers on the east coast (of Zulia state) and only 8,000 will be absorbed. There are 22,000 workers without guarantees." Venezuela, the Americas' largest oil exporter, began Friday to expropriate some oil service providers, a day after the National Assembly passed a law extending the state's control to all activities related to the oil industry. Shortly after the law's passage, the government announced that private contractors servicing wells, transporting workers and providing other services in the oil-rich Maracaibo Lake area in Zulia state will be taken over by the state-run Petroleos de Venezuela (PDVSA). Some 8,000 workers there were confirmed to become PDVSA employees. "We are liberating the homeland, building socialism with workers," Chavez said. Opposition lawmakers have criticized PDVSA for running up debts and being unable to meet payments despite a months-long windfall from high oil prices. As of September, PDVSA had 7.858 billion dollars in debt to its suppliers. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo This picture released by the Venezuelan Presidency shows Venezuela's President Hugo Chavez (3rdR) as he meets oil workers in Lagunillas, Maracaibo lake, western Venezuela, May 8, 2009. Venezuelan unions estimated Saturday that nearly 22,000 oil contractors stand to lose their jobs after Chavez's government seized the assets of 60 local and foreign-owned oil firms. Most Popular – Top Stories Viewed Obese young men have less hope of marriage: study British store admits it boobed in bra row Geithner's warning on speed of economic recovery Court okays breast removal for transsexual teen: report Murdoch leads charge to get readers to pay online View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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