February 8, 2008 |
Exxon Mobil Corp. won a round in its bitter fight against Venezuela's state oil company Thursday as courts in several countries said they would freeze $12 billion in international assets held by Petroleos de Venezuela. Last year, Venezuelan President Hugo Chavez nationalized a heavy oil field in eastern Venezuela, and Exxon Mobil has been seeking to recover the value of its investment in the site ever since.
December 2, 2005 |
BP and Royal Dutch Shell have agreed to form joint ventures with Venezuela's state oil company, replacing contracts under which they pumped crude independently, Venezuela's oil minister said Thursday. BP and Royal Dutch Shell are among 15 companies that have signed transitional agreements to move toward the joint ventures, Oil Minister Rafael Ramirez said.
November 29, 2004 |
Venezuelan state oil company PDVSA may sell some parts of Citgo Petroleum Corp., its U.S. refining and marketing affiliate, PDVSA's new president said Sunday. "We're looking at it," said Rafael Ramirez, Venezuela's energy minister and the newly named president of PDVSA, in an interview with local television in Caracas. "It depends on the review we make. We'll see what suits us and what doesn't." Ramirez, who was appointed PDVSA chief by President Hugo Chavez on Nov.
April 8, 2002 |
President Hugo Chavez said seven executives who led monthlong strikes and protests against government-appointed leadership at the state-owned oil monopoly were fired by the company's board of directors over the weekend. Twelve other Petroleos de Venezuela executives have been sent into early retirement, he said Sunday, adding that any other employees who continue leading protests will be fired.
March 29, 2001 |
Tens of thousands of workers in Venezuela's oil industry went on strike to demand a pay hike. Union leaders said 92% of 40,000 workers honored the strike. Petroleos de Venezuela, the government oil monopoly, insisted that operations weren't affected. Venezuela, the world's third-largest oil exporter and a major supplier to the U.S., says it can withstand a strike for seven days before exports are affected.
January 8, 1999 |
Chevron Corp., the fourth-largest U.S. oil company, and Petroleos de Venezuela are in talks regarding a $1.5-billion venture to manufacture aromatics--the building blocks of plastics, solvents and pharmaceuticals. If San Francisco-based Chevron and PDVSA unit Proesca decide to go ahead, the venture could begin production in 2002, a PDVSA spokesman said. Production would be about 1.3 million tons a year of aromatics, including benzene and xylene.