power to the people

Looks like Hugo decided to take some windfall profits. Maybe he’ll invest them in alternative energy research.

CARACAS, Venezuela - President Hugo Chavez ordered by decree on Monday the takeover of oil projects run by foreign oil companies in Venezuela’s Orinoco River region.

Chavez had previously announced the government’s intention to take a majority stake by May 1 in four heavy oil-upgrading projects run by British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA.

Posted on February 27th, 2007 by pwyll
Filed under: politics

Comments are closed.

« you gotta know when to fold them reducing your carbon footprint »