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Chavez to nationalise 11 oil rigs

By Andy Rice
24 Jun 2010
0

Venezuelan President Hugo Chavez says he will nationalise 11 oil rigs belonging to small US oil company Helmerich and Payne. The rigs had been idle for months, with the firm refusing to continue work until it was paid the $49 million owed to it by government oil company PDVSA. There's no chance of it recouping that money now.   Read more: Reuters

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