RealNews

Envoy warns Chavez about oil takeover

A top U.S. diplomat warned Friday that Venezuela cannot afford to drive away the major oil companies affected by President Hugo Chavez’s decision to takeover the nation’s most promising oil-producing operations. Chavez decreed this week that his government would take a minimum 60 percent stake in projects run by four companies in Venezuela’s Orinoco River region — his latest nationalization move as he steers the country toward socialism. Full Story

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