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Al Jazeera English - Business - Oil Firms Reject Venezuela Deal

Two major oil companies – Exxon Mobil and ConocoPhillips – have rejected a deal to continue operations in Venezuela's oil-rich Orinoco belt with a reduced stake. They refused to give up part of their operations to Venezuela's state oil company, PDVSA as part of President Hugo Chavez's nationalisation drive. PDVSA plans to take at least a 60 per cent share in four heavy-crude upgrading projects operated by transnational companies worth over $30bn, a big jump from its current 40 per ce

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