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Chavez Cancer Freezes Venezuela’s Overseas Oil Funding

Venezuela’s $100 billion oil industry is seeing the first drop in funding in five years from some of its closest partners, as concern mounts President Hugo Chavez’s battle with cancer is creating a political vacuum, people familiar with the matter said.

The government, which for a decade has disclosed credit lines from China when they’re signed, has announced none since April, according to a report released Jan. 13 by the National Autonomous University of Mexico, known as UNAM. Russian and Indian companies are withholding planned investments in Venezuelan oilfields, according to eight oil company executives and consultants who declined to be identified because they weren’t authorized to talk about the matter publicly.