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Petro-Canada joins Venezuelan oil exodus
 Petro-Canada has pulled out of Venezuela by rejecting new nationalistic terms for oil projects and passing its stake in one discovery to President Hugo Chavez's government, it said on Tuesday. "We have decided not to migrate to the new commercial structure, so our working interest passes to the Venezuelan government," Petro-Canada spokeswoman Michelle Harries said. The company had a 20 percent interest in the La Ceiba discovery, which was not producing oil. It was operated by Exxon Mobil Corp., which quit its Venezuelan operations after failing to strike a deal to stay in a number of multibillion-dollar projects in the OPEC nation. Posted by: lotp 2007-06-27 |
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