(PDVSA Press Release) - "A group of 10 companies that are taking part together with Petróleos de Venezuela (PDVSA) in the exploitation of the Oil Belt, through Strategic Association Agreements, and in the Risk Exploration Agreements, signed memoranda of understanding for the transfer of the operations to the Venezuelan State.

For this purpose, the minister of Energy and Petroleum and president of PDVSA, Rafael Ramírez, stated that 'the migration process has been developing according to the schedule that was previously set, and we believe it will be very successful.'

The signing of these documents contributes to 'complying with the Nationalization Law issued by the President of the Republic last February 26, this year, and, as the law provides, there are terms and periods. The first of them will be met on May 1, when the Venezuelan State, through PDVSA, will assume the operating control of all the facilities that at this time are affected by the nationalization law,' noted the minister.

To formalize their migration to the Mixed Company scheme, there were present at this ceremony the president of French company Total, Mr. George Buresí, the president of U.S. company Chevron Texaco, the general manager of Sinopec, Mr. Zhu A Cheng, the vice-president for exploration and development of China National Petroleum Corporation (CNPC), Mr. Wu Dong Shan, the presidents of Ineparia, Mr. Antonio Vecentelli and of Veba Oil and Gas, Mr. Joe Pérez.

Alike the previous ones, UK company British Petroleum and US company Exxon Mobil adhered to the agreement for the transfer of the operations to PDVSA, giving way to the nationalization of project Cerro Negro. Also, the Risk Exploration Agreements that began migrating to the form of mixed company are Golfo de Paria Este (Posa area) and Sinovensa.

Minister Rafael Ramírez characterized the signing of the memoranda of understanding with the transnational companies as 'an important matter for all our people and for the entire country because the development of the Full Petroleum Sovereignty policy is a mandate that the people have given our Government, it is an orientation set by president Chávez, the Ministry of Energy and Petroleum and PDVSA, are instruments to enforce the laws and we are going to do as we have been ordered to, and according to the wish of our people' (...)".