Venezuela vows Orinoco oil takeover by May Day

The four Orinoco projects produce about 600,000 barrels per day of synthetic oil.

Chavez has promised to take over not only oil and gas projects in Venezuela, the No. 4 crude exporter to the United States, but also power utilities and the country's biggest telecommunications company.

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"The president of the United States should resign, if he had the least dignity ... if only the United States had a democracy like what we have here. If only the American people could call a recall referendum," he added.

Despite Chavez's political will to strip oil giants of their managing stakes in the Orinoco, the takeovers will not be easy.

A senior Venezuelan oil official acknowledged last month the country could face hundreds of millions of dollars in penalties if it takes over the projects, because of financing agreements with international banks.

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