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Venezuela takes on ExxonMobil as it squeezes oil industry

KLTV /Associated Press
Jacksonville, Fla./CARACAS
Petroleumworld.com 03 31 06

Venezuela has a blunt message for Exxon Mobil: Get off my crude-rich turf.
Venezuela is tightening its squeeze on the oil industry, telling oil companies to give the state a greater share of profits _ or get out.

Oil Minister Rafael Ramirez yesterday said Irving, Texas,-based Exxon Mobil is one of the companies that would "prefer to leave ... rather than adjust" to recent policy changes.

Exxon Mobil today indicated it has no plans to pull out.

The company e-mailed the Associated Press to say ExxonMobil de Venezuela continues to have a long-term perspective of its activities in Venezuela.

The trend is driven by President Hugo Chavez's distaste for corporate multinationals, which he accuses of looting his country's oil wealth over the years.



KLTV /Associated Press 30 03 06

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