Some oil companies in Venezuela pull expats amid protests: sources

26 Apr 2017   Venezuela

As political turmoil in Venezuela persists, oil firms including Norwegian major Statoil ASA ( STL.OL ) and Spain’s Repsol SA ( REP.MC ) have further reduced their already-dwindling ranks of expatriate employees in the country, sources familiar with the situation said. Statoil, Repsol and Chevron Corp ( CVX.N ) are among the foreign oil companies that hold minority stakes in more than 40 joint ventures with state-run Petroleos de Venezuela [PDVSA.UL] (PDVSA), providing cash-strapped Venezuela with crucial crude production and income amid a debilitating economic crisis. Venezuela, South America’s largest oil exporter, has been pummeled by a brutal economic crisis that has millions skipping meals, unable to afford soaring prices for basic goods and facing long lines for scarce products. More than a dozen people have been killed during near […]

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