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Venezuela govt to nationalize 11 US owned oil rigs


Venezuela’s legislature has voted to nationalize 11 oil rigs owned by the US firm Helmerich & Payne.

The rigs, located in Monagas, Anzoategui and Zulia states, will be taken over by state oil giant Petroleos de Venezuela (PDVSA), the official news agency AVN said.

PDVSA had asked the legislature controlled by supporters of leftist President Hugo Chavez to take over the rigs after the US firm declined to negotiate a new service contract, unlike 32 other foreign firms.

The oil giant is South America’s top oil producer.

Since 2007 Caracas has nationalized companies in industries from oil to utilities, to telecoms, cement, steel and banking.

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