« | »

BBC News: US Firms ‘Reject’ Venezuela Deal

From the no longer biased BBC NEWS:

US firms ‘reject’ Venezuela deal

Two of the world’s largest oil companies have reportedly rejected a deal that would keep them working in Venezuela’s most important oil field.

The government is taking over majority control of operations in the Orinoco Belt, as it extends state control.

Sources at the state-owned oil firm, PDVSA, say they have been unable to agree with ConocoPhillips and Exxon Mobil about their future role.

President Hugo Chavez set Tuesday as a deadline for foreign firms to agree…

President Chavez has demanded that private companies hand over majority control to the state as part of a nationalisation drive.

The six international firms working there have had little choice, but there has been intense negotiation over compensation, says the BBC’s James Ingham in Caracas…

If negotiations fail, ConocoPhillips could lose its $2.5bn investment.

Mr Chavez began a widespread nationalisation drive in January, after winning a landslide victory in the elections last December…

Shouldn’t the BBC’s patented scare quotes be around ‘deal’ rather than ‘reject’?

Mr. Chavez isn’t offering any deal. It is an ultimatum.

But I guess BBC doesn’t want to do anything to put their hero in a bad light.

Also note how according to the BBC Mr. Chavez won a “landslide victory” and a mandate, whereas France’s Sarkozy didn’t.

This article was posted by Steve on Tuesday, June 26th, 2007. Comments are currently closed.

3 Responses to “BBC News: US Firms ‘Reject’ Venezuela Deal”

Sorry, comments for this entry are closed at this time.

« Front Page | To Top
« | »