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HOUSTON (AP) - ConocoPhillips will not sign an agreement with Venezuelan President Hugo Chavez for minority stakes in state-run joint ventures to keep pumping heavy crude oil, a company official familiar with the negotiations said Tuesday.
Tuesday was the deadline to either agree to Chavez's terms or give up on Venezuelan oil.
"We will not sign a memorandum of understanding," said the company official, who insisted that he not be named because ConocoPhillips was not ready to make an official announcement.
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