year domestic gasoline market, which was opened to competition in early 1998, ending the 22-year monopoly of state-owned oil company Petroleos de Venezuela SA.
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Shell Leaves Gasoline Market
Other companies expected to follow as country continues on its unstable path...
According to Royal Dutch/Shell Venezuela President, Joaquin Moreno Uribe, the company will sell about 150 stations that it began opening in 1997. The company had invested nearly $80 million in the chain. Moreno Uribe declined to disclose the loss to the company.
Shell is the first international oil company to pull out of Venezuela's $2 billion a
year domestic gasoline market, which was opened to competition in early 1998, ending the 22-year monopoly of state-owned oil company Petroleos de Venezuela SA.
year domestic gasoline market, which was opened to competition in early 1998, ending the 22-year monopoly of state-owned oil company Petroleos de Venezuela SA.
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