Seeking a boost for crude
Venezuela’s internal conflict and the intended removal of Saddam Hussein from Iraq have meant both countries are seeking deals with international investors to boost oil production. But are the potential legal problems worth the trouble? By Maria Kielmas
Given their respective problems – an oil workers’ strike in Venezuela and a war in Iraq – it’s hardly surprising that two of the world’s biggest crude oil producers are seeking foreign investment for their oil industries. Yet their search is not proving all that productive.
In late February, Ali Rodríguez, president of Venezuelan state oil company Petróleos de Venezuela (PDVSA), travelled to the US in the hope of finding more oil companies prepared to work in Venezuela. The
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