Monday, January 15, 2007

Latin America Hits Chevron Again

By Chris Thompson
Mon, Jan 15, 2007 at 3:26 PM

San Ramon-based oil giant Chevron was already reeling after news that Venezuelan President Hugo Chavez intends to nationalize some or all of the country's oil upgrading industry. Now comes word that Honduras will forcefully seize all of the company's oil storage facilities. According to Reuters, president Manuel Zelaya ordered the move to ease a critical rise in gas prices after his government failed to reach a agreement to lease the terminals. A Honduran congressional commission estimated that the seizure would save the country $66 million a year, but an industry group spokesman warned that such a move would stifle foreign investment.

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