Venezuela oil: Hugo Chavez risks foreign investment

President Hugo Chavez meets workers in the Orinoco oil belts in January (photo:dpa)
President Hugo Chavez meets workers in the Orinoco oil belts in January (photo:dpa)

Investment in Venezuela’s energy sector could be halted following the government’s decision to leave the World Bank’s international arbitration body. The decision risks losing billions of dollars in foreign investment and could jeopardise domestic plans to boost social programmes for the poor.

FOREIGN investment in Venezuela’s energy sector is likely to slow and could be halted following the country’s decision to increase control over its oil industry.

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President Hugo Chavez’ government has announced plans to leave the World Bank’s international arbitration body after rejecting its arbitration award to ExxonMobil.

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