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CARACAS, Venezuela (AP) - Venezuela has removed Exxon Mobil Corp. from a multibillion-dollar petrochemicals project amid wider differences with President Hugo Chavez's nationalist oil policies.
Exxon planned to team up with Pequiven, the petrochemicals division of state oil firm Petroleos de Venezuela SA, or PDVSA, to spend a combined $3 billion on a project to produce 1 million metric tons a year of ethylene and derivatives.
"On Jan. 20, Pequiven informed ExxonMobil Chemical that Pequiven would not be able to complete Jose Petrochemical Project feasibility study under the terms and conditions agreed in August 2004," Exxon said in a statement on Tuesday. "We have regretfully accepted Pequiven's decision and hope to continue our relationship."
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