President Chavez speaks from the Petromonagas project, formerly called Cerro Negro, in the Orinoco Oil Belt. (Francisco Batista/MinCI)(Photo from Venezuela Analysis)From International Herald Tribune:
CARACAS: It is a telling sign of how deeply the global economic crisis has cut: President Hugo Chávez, who initially reveled in describing the crash as proof of capitalism's flaws, is now quietly courting Western oil companies once again.
Until recently, buoyed by the surging price of oil, Chávez had pushed foreign oil companies here into a corner by nationalizing their oil fields, raiding their offices with the tax authorities and imposing a series of royalty increases.
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