Seizing More Control Of Oil Sector

Venezuelan Congress has given initial approval to a law that would allow the state to seize the assets of oil services companies operating in Venezuela. The enforcement of such a law would significantly intensify tensions in an ongoing dispute between oil services companies and Venezuela over unpaid fees. Venezuelan President Hugo Chávez has used the revenues generated by state-owned oil company Petróleos de Venezuela (PdVSA) to fund extensive social welfare programmes, leaving PdVSA with a growing debt to service companies.

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