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Venezuela nationalizes its oil industry and faces new challenges
Venezuela moves to take control of its vast oil sector, paying $1.01 billion in government bonds to 30 private companies led by Exxon and Royal Dutch Shell. The state runs 14 companies under Petroleos de Venezuela while foreign firms contract to supply output and tech aid, with annual fees around $160 million. President Perez says independent operation will be difficult after decades of foreign control.
MENTIONED IN THIS ARTICLE
Caracas
Venezuela
Congress
Carlos Andres Perez
Exxon
Royal Dutch Shell
Gulf
Mobil
Texaco
Petroleos de Venezuela
Perez