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Venezuela Threatens to Eject US Oil Giant ConocoPhillips

Venezuela has threatened to eject U.S.-based oil giant ConocoPhillips from the country if it continues to resist the government's takeover of its multi-billion-dollar operations.

On Tuesday, Venezuela took control of four oil projects along the Orinoco River from their foreign operators.

ConocoPhillips was the only company that refused to sign an accord recognizing the takeover.

Venezuelan Oil Minister Rafael Ramirez Thursday told state television that any company that does not accept the new terms will have to leave.

The government is taking a 60-percent stake in the Orinoco Belt projects. The companies have been given until June 26th to renegotiate the terms of their involvement in the projects.