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Chavez seizes oil service firms | Chavez seizes oil service firms |
(3 days later) | |
Venezuelan President Hugo Chavez has sent troops to take over companies that provide services for the oil industry. | Venezuelan President Hugo Chavez has sent troops to take over companies that provide services for the oil industry. |
"This is a revolutionary offensive," he told workers near Lake Maracaibo, Venezuela's main oil-producing area. | "This is a revolutionary offensive," he told workers near Lake Maracaibo, Venezuela's main oil-producing area. |
Military vehicles were used as the state oil company seized supply boats and two US-owned gas facilities. | Military vehicles were used as the state oil company seized supply boats and two US-owned gas facilities. |
Mr Chavez nationalised Venezuela's main oil assets two years ago. The fresh drive comes as falling oil prices put state finances under pressure. | Mr Chavez nationalised Venezuela's main oil assets two years ago. The fresh drive comes as falling oil prices put state finances under pressure. |
The move places hundreds of boats, several ports and an estimated 8,000 oil workers under state control. | The move places hundreds of boats, several ports and an estimated 8,000 oil workers under state control. |
The state-owned oil company PDVSA has recently clashed with foreign and local service providers over the prices they charge. | The state-owned oil company PDVSA has recently clashed with foreign and local service providers over the prices they charge. |
The service companies are owed billions of dollars by PDVSA. But the state firm says lower oil prices mean the contractors are being paid too much. | The service companies are owed billions of dollars by PDVSA. But the state firm says lower oil prices mean the contractors are being paid too much. |
President Chavez has re-invigorated his nationalisation programme since his victory in a February referendum that removed limits on how many times he and others can stand for re-election. | President Chavez has re-invigorated his nationalisation programme since his victory in a February referendum that removed limits on how many times he and others can stand for re-election. |
Venezuela has some of the biggest oil reserves in the world and is one of the largest oil exporters in the Americas. |
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