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Repiglican Roast

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Name: TheFuriousGourmet

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Thursday, March 30, 2006

Hugo Chavez: Exxon Mobil Not Welcome

[...]
Exxon Mobil has resisted tax increases and contract changes that are part of a policy by President Hugo Chavez's government to "re-nationalize" the oil industry.

Rather than submit to new terms that will turn 32 privately run oil fields over to state control, the company sold its stake in the 150,000 barrel-a-day Quiamare-La Ceiba field to its partner, Spanish-Argentine major Repsol YPF, to avoid accepting the unfavorable terms in December.
[...]

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