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Repsol and Chevron sign Venezuela deal

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Repsol and Chevron sign Venezuela deal

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Spain’s Repsol and US-based Chevron have accepted the risks of operating in Venezuela in order to tap into its huge reserves.

They have signed the largest oil investment deal of President Hugo Chavez’s 11-year rule.

It comes three years after the leftist leader nationalised operations there.

With oil prices weaker, the deal will bring tens of billions of dollars of much-needed foreign finance to Venezuela.