Two Oil Giants Exit Venezuela
Venezuelan President Hugo Chávez got what he wanted on June 26—he forced six global oil giants to hand equity stakes of 60% or more in four key heavy-oil ventures to state oil company Petróleos de Venezuela (PDVSA). Four companies, Chevron (CVX), BP (BP), France's Total, and Norway's Statoil (STO), signed agreements with Energy & Oil Minister Rafael Ramírez in a televised ceremony.
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