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Venezuela oil loss put at $4.5bn |
| Home | (BBC News) - US oil giant ConocoPhillips has said that a decision not to accept a minority stake in its operations in Venezuela may cost it $4.5bn. The firm rejected a deal that would keep them working in Venezuela's most important oil field. Hugo Chavez's government is taking over majority control of operations in the Orinoco Belt, as it extends state control of the oil industry. |