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Venezuela 'to withdraw from IMF' Venezuela to take over refineries
(about 6 hours later)
Venezuelan President Hugo Chavez says he wants to pull his country out of the International Monetary Fund and the World Bank. Venezuela is to take control of the massive Orinoco Belt oil projects as part of President Hugo Chavez's nationalisation drive.
In a speech to mark 1 May, Mr Chavez said he wanted the move to take effect as soon as possible. Many of the world's biggest oil companies have agreed to transfer operational control to the government.
As the country has settled its IMF debt, the withdrawal is largely a symbolic gesture, correspondents say. The May Day takeover comes one year after Bolivian President Evo Morales seized his country's gas fields.
President Chavez also announced an almost 20% increase in the minimum monthly wage. Mr Chavez has also said he wants to pull Venezuela out of the International Monetary Fund and the World Bank.
"We don't need to be going up to Washington... we are going to get out," Mr Chavez said.
"We are going to withdraw before they go and rob us," he went on.
The president said he had ordered Finance Minister Rodrigo Cabezas to begin formal proceedings to withdraw from the two international bodies.The president said he had ordered Finance Minister Rodrigo Cabezas to begin formal proceedings to withdraw from the two international bodies.
Mr Chavez said Venezuela would seek repayment of money owed to it by the IMF and World Bank - presumably a reference, correspondents say, to contributions which member countries pay.
"We still have a few bucks there," he said.
President Chavez has spoken of his ambition to set up what he calls a Bank of the South, backed by Venezuelan oil revenues, which would finance projects in South America.President Chavez has spoken of his ambition to set up what he calls a Bank of the South, backed by Venezuelan oil revenues, which would finance projects in South America.
Ecuador, led by another left-wing president, Rafael Correa, has also spoken of leaving the IMF, and recently expelled World Bank representatives from the country. Compensation not guaranteed
The four projects to be taken over in the Orinoco Belt can refine about 600,000 barrels of crude oil a day.
Mr Chavez said he would take control of at least 60% of the projects, which were previously owned by ConocoPhillips, Chevron, Exxon Mobil, BP, Statoil and Total.
Negotiations are continuing about ongoing shareholdings and the possibility of compensation for the refineries.
Venezuela has only considered agreements based on the book value of the projects rather than their much larger current net worth.
Oil minister Rafael Ramirez has said that there may not be compensation at all in some cases.
More surprises
There will be more surprises from Bolivian President Evo Morales in his May Day address, one year after he shocked international investors by seizing control of the energy industry.
"It's going to be series of surprise measures, and if we were to announce them the day before it'd no longer be a surprise," Interior Minister Alfredo Rada said.
Local media reports have suggested that the measures could involve nationalising the mining industry.
The government had hoped to finish nationalising the telecoms industry by May Day, but talks with Telecom Italia - which owns half of the biggest telecoms company - are currently stalled.
Telecom Italia said last week that it was considering seeking international arbitration over the sale of Entel after Bolivia issued two decrees aimed at renationalising the company.