EL UNIVERSAL

"We are putting an end to a vicious process that began 10 years ago. The privatization of oil operations is over," Venezuelan president Hugo Chávez said at the facilities of the Orinoco oil belt, referring to the oil opening, where the oil industry opened its doors to private capital.

According to Chávez, such initiative was a mere attempt to definitely take their natural richness from Venezuelans and a strategy by the imperialism to take control of the largest oil reserves in the world.

After admitting that putting an end to that process was a difficult task, he said to be confident that May 1st, 2007 would mark the beginning of a new phase in Venezuela's independence.

"This is the real nationalization of our natural resources," the ruler claimed at the Jose heavy crude oil refinery, eastern Anzóategui state.

From now on, the Venezuelan State will control at least 60 percent of the joint ventures organized together with multinational companies, AFP reported.

Chávez said that Orinoco oil belt accounts for the biggest oil reserve on Earth, with about 260 billion barrels of extra-heavy crude oil - the equivalent of the reserves of Saudi Arabia.  The Venezuelan government seeks to certify it in 2008.

More than 6,000 people hailed the announcement of the Venezuelan president, amid the noise of the Russian Sukhoi planes that were flying over the area.

Strategic partnerships that have operated in the area include French Total, Norwegian Statoil, British Petroleum (BP) and US Conoco-Phillips, Chevron and Exxon Mobil.

All of the foreign companies, except for Conoco-Phillips and Italian ENI, agreed on the migration to joint ventures in which the Venezuelan State is to be major stockholder.

Translated by Teresa León
tleon@eluniversal.com