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| Version 4 | Version 5 |
|---|---|
| Venezuela takes over refineries | Venezuela takes over refineries |
| (39 minutes later) | |
| Venezuela has said that it has taken control of the massive Orinoco Belt oil projects as part of President Hugo Chavez's nationalisation drive. | Venezuela has said that it has taken control of the massive Orinoco Belt oil projects as part of President Hugo Chavez's nationalisation drive. |
| Many of the world's biggest oil companies agreed to transfer operational control to the government. | Many of the world's biggest oil companies agreed to transfer operational control to the government. |
| The May Day takeover comes one year after Bolivian President Evo Morales seized his country's gas fields. | The May Day takeover comes one year after Bolivian President Evo Morales seized his country's gas fields. |
| Mr Chavez has also said he wants to pull Venezuela out of the International Monetary Fund and the World Bank. | Mr Chavez has also said he wants to pull Venezuela out of the International Monetary Fund and the World Bank. |
| See a map of the oil fields, projects and companies affected | See a map of the oil fields, projects and companies affected |
| Today we are closing a perverse cycle Hugo Chavez | |
| 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. |
| 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. |
| Negotiations | Negotiations |
| Mr Chavez told cheering workers that foreign oil companies had damaged Venezuela's national interests and that reclaiming them represented an historic victory. | |
| "Today we are closing a perverse cycle," he said. | |
| Oil minister Rafael Ramirez added that four projects taken over in the Orinoco Belt - which can refine about 600,000 barrels of crude oil a day - had reverted to state control at midnight local time. | |
| "The president has ordered us to assume full control of our oil sovereignty, and we are doing it," Mr Ramirez said | |
| Earlier Mr Chavez had told cheering workers that "open investment will never return". | Earlier Mr Chavez had told cheering workers that "open investment will never return". |
| State oil company PDVSA will control at least 60% of the projects, which have been ceded by ConocoPhillips, Chevron, Exxon Mobil, BP, Statoil and Total. | State oil company PDVSA will control at least 60% of the projects, which have been ceded by ConocoPhillips, Chevron, Exxon Mobil, BP, Statoil and Total. |
| Negotiations are continuing about continuing shareholdings and the possibility of compensation for the refineries. | Negotiations are continuing about continuing 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. | Venezuela has only considered agreements based on the book value of the projects rather than their much larger current net worth. |
| Mr Ramirez has said that there may not be compensation at all in some cases. | Mr Ramirez has said that there may not be compensation at all in some cases. |
| More surprises | More surprises |
| Meanwhile, in Bolivia, the state energy company YPFB said that it would take control of producing and marketing oil and natural gas in the country. | |
| It comes a year after Bolivian President Evo Morales, in his May Day address, shocked international investors by seizing control of the energy industry. | It comes a year after Bolivian President Evo Morales, in his May Day address, shocked international investors by seizing control of the energy 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. | 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. | 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. |
| ORINOCO OIL BELT Oil projects and companies in affected fields1. Sincor (PDVSA*, Total, Statoil); Petrozuata (PDVSA, Conoco Phillips)2. Ameriven (PDVSA, Conoco Phillips, Chevron Texaco)3. Cerro Negro (PDVSA, Exxon Mobil, BP)*PDVSA is Venezuela's state-owned oil company | ORINOCO OIL BELT Oil projects and companies in affected fields1. Sincor (PDVSA*, Total, Statoil); Petrozuata (PDVSA, Conoco Phillips)2. Ameriven (PDVSA, Conoco Phillips, Chevron Texaco)3. Cerro Negro (PDVSA, Exxon Mobil, BP)*PDVSA is Venezuela's state-owned oil company |
| Return to top | Return to top |