HereÂ’s hoping that before the foreign companies are forced to turn over their property to the corrupt Castro-wannabe they have some demolition experts rig the places to blow sky-high.

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.

He said Monday that has decreed a law to proceed with the nationalizations that will see state oil company Petroleos de Venezuela SA, or PDVSA, taking at least a 60 percent stake in the projects.

"The privatization of oil in Venezuela has come to an end," he said on his weekday radio show, "Hello, President." "This marks the true nationalization of oil in Venezuela."

By May 1, "we will occupy these fields" and have the national flag flying on them, he said.

The law is expected to be published shortly in the government's official gazette, and the companies will have four months from then to negotiate terms and conditions with PDVSA to decide whether they will take part in new joint ventures as minority partners, Chavez said.

Chavez did not detail how the government will pay for its increased share in the projects in which the companies are estimated to have invested some $17 billion.

Leave the bastard with nothing but wreckage – sort of like he has made of the rest of the Venezuelan economy.

Posted by: Greg at 11:56 AM | No Comments | Add Comment
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