CARACAS, Venezuela (AP) - Venezuela is creating its own oil-field services company to reduce dependence on foreign contractors.
The nation's top energy official, Oil Minister Rafael Ramirez, said today that the state-run oil company is starting its own version of Houston-based oil-field services company Halliburton to provide services within the oil-producing country.
Venezuelan President Hugo Chavez aims to make the nation's oil industry self-sufficient as he advances what he's labeled his "Bolivarian Revolution." That's a nationalist movement named after South American independence hero Simon Bolivar.
Venezuela's state-owned oil company now depends on foreign companies, including Halliburton and Houston-based Schlumberger (shluhm-bur-ZHAY') to maintain petroleum production.
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