Venezuela

May 8, 2009

Hugo Chávez moves to seize oil contractors' assets

Venezuela's President Hugo Chávez said Thursday his government will seize the local assets of some international oil-service companies starting Friday -- a response to threats by several firms to stop their work in Venezuela because of nonpayment of bills owed by state-run oil giant Petróleos de Venezuela SA.

Venezuela's President Hugo Chávez said Thursday his government will seize the local assets of some international oil-service companies starting Friday -- a response to threats by several firms to stop their work in Venezuela because of nonpayment of bills owed by state-run oil giant Petróleos de Venezuela SA.
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