Nationalization Of Oil Sector In Venezuela: Action Or Reaction?

The most serious problem with which Venezuela may be faces is that, in the care of foreign companies may move with all equipment, specialists will leave the state. That’s why, President Chavez who predicted such a situation, in an interview to the `Alle` reported that the decision of Venezuela is not to the complete withdrawal of foreign companies, but simply wants to own 60% of the company’s assets in the territory of their country, that is, to establish joint ventures with the companies.
Some specialists argue that even if western firms will withdraw from Venezuela, this state will be able to find an alternative and, as such, will be open to Russian companies. Thus, since 2004 the Russian company LUKOIL plans to invest in the economy of the country about one billion USA dollars. Then from the end of 2006, the company started a joint drill with the national company of the country in one of the oil fields.
Turkish Weekly