Petro-Canada Leaves Venezuela

Published: Wednesday, 07/04/2007 12:00 am EDT

With Venezuelan President Hugo Chavez's government requiring all private companies involved in the Latin American country's oil industry enter into joint ventures by Tuesday, Petro-Canada has decided to pull out of the country. The Venezuelan government reported last week that Petro-Canada, which had a 50 per cent stake in one project with Exxon Mobil controlling the other half, had reached an agreement for compensation.

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