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Repsol YPF not to be affected by nationalization plans in Venezuela



Petroleumworld
CARACAS
Petroleumworld.com 01 10 07

Spanish-Argentinean oil firm Repsol YPF Monday claimed it would not be affected "at all" by Venezuelan President Hugo Chávez' recently announced nationalization plans.

The creation of joint ventures with state-run holding Petróleos de Venezuela (Pdvsa) came into effect recently and the decision was made along with the Venezuelan government, sources from the oil firm told news agency Efe.

Chávez on Monday made the announcement that "all that has been privatized ought to be nationalized," making a direct reference to telecom company CANTV and power concern Electricidad de Caracas.

"CANTV, let it be nationalized. The nation must recover the property of the strategic means of sovereignty, security and defense," President Chávez said.

Petroleumworld 09 01 07

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