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Tuesday, 12 May 2009 - Venezuela expropriates 39 oil service firms
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    Read more with google mobile : Venezuela expropriates 39 oil service firms

    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 expropriates 39 oil service firms AFP - Tuesday, May 12 CARACAS (AFP) - - Venezuela has expropriated 39 oil service providers, some backed by foreign capital, after the government passed a law extending the state's control over all activities related to the industry. ADVERTISEMENT According to the government's official journal on Monday, Venezuelan Petroleum (PDVSA) and affiliated firms have "taken control of operation and the immediate possession of institutions, documentation, goods and equipment" of the 39 firms. Many of the firms were subsidiaries of foreign businesses, energy industry sources said. On May 7, Venezuela's National Assembly passed a law which "reserves for the state, the goods and services connected to primary hydrocarbon activities." 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 would be nationalized. "We will start to recover assets that will now belong to the state, as they always should have," President Hugo Chavez said. The measures also gave local courts exclusive jurisdiction to settle disputes between the state and private companies, shielding the country from international arbitration. Venezuela has proven oil reserves of around 99 billion barrels and is the western hemisphere's largest oil exporter. Email Story IM Story Printable View Blog This Sign in to recommend this article » 1 user recommend Enlarge Photo Venezuela's President Hugo Chavez (R) shakes hands with an oil worker in Lagunillas, lake Maracaibo, western Venezuela, May 8. Venezuela has expropriated 39 oil service providers, some backed by foreign capital, after the government passed a law extending the state's control over all activities related to the industry. Most Popular – Top Stories Viewed Australian zoo evacuated after orangutan escape British store admits it boobed in bra row Obese young men have less hope of marriage: study Venezuela oil takeovers may leave 22,000 jobless $70-80 good price for oil: French economy minister 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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