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International Law

: International Law Blog

Venezuela Nationalizes Oil

By Ptowns

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Venezuelan Oil Minister Rafael Ramirez declared today that the country's oil fields have returned to state control. All of the Big Oil companies have ceded power, except for ConocoPhillips. Chavez has warned Conoco's assets may be expropriated if they do not give in. The oil companies will likely continue to operate in Venezuela however and have about six weeks to negotiate new deals.

Full post as published by International Law Blog on May 01, 2007 (boomark / email).

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