Chavez: Big oil firms to leave Venezuela

President says several major companies reject terms for nationalizing project as deadline nears.

CARACAS, Venezuela (Reuters) — Some major oil companies have rejected Venezuela’s terms for the takeover of their multi-billion dollar projects and can leave the OPEC nation, President Hugo Chavez said Friday, days before a deadline for them to strike nationalization deals.

Exxon Mobil , ConocoPhillips, Chevron Corp, Norway’s Statoil , Britain’s BP Plc and France’s Total are the targeted companies in projects valued above $30 billion and capable of producing 600,000 barrels per day.


“It seems there are some transnational companies that do not want to accept (the terms),” said Chavez, who met his energy minister to review the progress in negotiations earlier Friday.

“Well if they do not want (to accept the terms), I told the minister to tell them they can go, that they should leave, that we, in truth, do not need them,” he added during a political speech to swear in the government’s new “central planning committee.”

Reuters