Petro-Canada Joins Exxon and ConocoPhillips with Venezuela Pull-out

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Petro-Canada Joins Exxon and ConocoPhillips with Venezuela Pull-out

06/29/2007
NEW YORK -- Petro-Canada will follow the lead of ExxonMobil and ConocoPhillips, by pulling out of Venezuela, The Associated Press reported.

The company has reached an agreement with the state oil company on compensation for its oil investments, the Venezuelan government told the AP.

Oil Minister Rafael Ramirez told a news conference earlier this week the state oil company Petroleos de Venezuela SA, or PDVSA, was unable to reach an agreement with Petro-Canada.

"Petro-Canada has decided on the culmination of its participation in its businesses in the country and compensation has been agreed upon between the companies that has already been accepted by both parties," Ramirez said. That compensation was not disclosed.

Petro-Canada and Exxon Mobil each had a 50-percent stake in Venezuela's La Ceiba region, but those shareholdings have passed entirely to PDVSA, Ramirez added.