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Exxon Not Budging Vs. Venezuela Gov’t Over New Contracts
BY MONICA SHOWALTER Posted 12/29/2005 Alone among big oil, Exxon Mobil (XOM) isn’t backing down from a confrontation with Venezuela. Venezuela’s government says all foreign investors must accept “mixed company” arrangements by Dec. 31 under a 2001 law. Other firms have reluctantly “migrated” to new state-dominated oil production joint ventures,