Thu, 30 Aug 2007 20:38:44
Venezuelan Energy Minister, Rafael Ramirez
Exxon Mobil and Conoco Phillips have defied the law, which calls on multinational companies to hand over at least 60 percent of their capital to the state-owned petroleum company, Petroleos de Venezuela SA (PDVSA).
According to Energy Minister, Rafael Ramirez, immense benefit would accrue from cooperating with PDVSA, adding that his country was not interested in cooperating with companies that disobey Venezuelan laws.
Ramirez emphasized that US companies would be awarded no compensation and that the era of 'oil openness' was over.
Venezuela is the only Latin-American member of OPEC.