Venezuela’s president, Hugo Chávez, is planning to take control of oil production companies run by some of the world’s biggest oil majors. Chávez says that he might try to seize four companies operating in Venezuela owned in part by Exxon, ConocoPhillips, Chevron, Total and Statoil.
These companies pump 22% of the nation’s oil but two of the four have outstanding bonds worth $1.6 billion. The other two owe $2.3 billion in outstanding loans. Venezuela’s energy and oil minister, Rafael Ramírez, played down fears that there was any chance of a debt default and added that talks should conclude before year-end.