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Texaco fuel card news: Venezuela president welcomes foreign oil firms

25 February, 10
Companies such as Chevron owned Texaco, BP and Total are to be encouraged to maintain their oil fields in Venezuela, despite a push by Latin American leaders to increase state control over oil and minerals, according to Reuters.

Socialist president of Venezuela Hugo Chavez has lowered taxes to welcome foreign oil companies to develop oil fields in the area.

Chevron is one of the major private oil companies in the country and is involved with five projects in the country in partnership with Venezuela's national oil and gas company Petroleos de Venezuela, according to the company's website.

President Chavez has recently softened his attitude to private companies in his aim to increase the output of Venezuela's oil industry.

This marks a change from three years ago, when the president took control of oil projects from firms such as ExxonMobil.

Speaking at an event about the Carabobo oil fields, President Chavez said: "We are interested in strategic alliances with companies," reports Reuters.

Posted by Sean WebbADNFCR-2675-ID-19636207-ADNFCR

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Texaco fuel card news: Venezuela president welcomes foreign oil firms