VENEZUELAN STATE OIL COMPANY PDVSA SAID ON WEDNESDAY IT WANTS A 60 PERCENT STAKE IN THE COUNTRY'S ORINOCO HEAVY OIL PROJECTS, AS THE GOVERNMENT VIES FOR A BIGGER SHARE OF THE COUNTRY'S ENERGY WEALTH, REUTERS REPORTED. "FOR SOME TIME WE HAVE BEEN INTERESTED IN INCREASING OUR STAKE," COMPANY EXECUTIVE EULOGIO DEL PINO, IN CHARGE OF NEGOTIATIONS WITH FOREIGN OIL COMPANIES, TOLD REPORTERS. "WE ARE INCLINED TO GO TO 60 PERCENT." LEFTIST PRESIDENT HUGO CHAVEZ HAS LED AN AGGRESSIVE CAMPAIGN TO INCREASE STATE CONTROL OVER THE OIL INDUSTRY AND BOOST GOVERNMENT REVENUE, COMPLAINING THAT UNFAVORABLE DEALS WITH FOREIGN COMPANIES ARE "ROBBING" THE OPEC NATION. VENEZUELA'S FOUR ORINOCO BELT PROJECTS ARE WORTH AN ESTIMATED $33 BILLION AND INCLUDE MASSIVE INVESTMENT BY OIL MAJORS LIKE U.S.-BASED CHEVRON, EXXON MOBIL AND CONOCOPHILLIPS, AS WELL AS FRANCE'S TOTAL. VENEZUELA'S LEGISLATURE EARLIER THIS MONTH RECOMMENDED THE STATE BOOST ITS OWNERSHIP IN THE PROJECTS TO MAKE THEM CONSISTENT WITH AN ENERGY LAW CHAVEZ DECREED IN 2001. THE LAW CALLS FOR PDVSA TO HOLD AT LEAST 51 PERCENT IN ALL JOINT VENTURES.
