Venezuela Signs Deals For Natural Gas Projects In The Caribbean With Foreign Companies

Venezuela has signed deals for natural gas projects in the Caribbean with foreign companies, including Chevron Corp., a sign that the country is open to some outside investment despite sweeping nationalizations. Besides Chevron, the country also signed deals with Russia's Gazprom, Italy's Eni SpA, Qatar Petroleum, Japan's Mitsubishi Corp., Mitsui, Itochu and Malaysia's Petronas to work on the offshore natural gas projects and comes amid the ongoing legal wrangling with Exxon Mobil Corp. and ConocoPhillips. The deals help make President Hugo Chavez's case that his OPEC nation can work with foreign investors from around the world despite his deteriorating relations with the Bush administration which labels him an autocrat. Venezuela is a major oil supplier to the United States, its top energy customer. The country's natural gas operations are much smaller and some of its offshore exploration projects in the sector have failed to fulfill the potential the government has said they could achieve.