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BUSINESS BRIEFS/IN BRIEF.(TO THE POINT)
ENERGY
Oil firms partner with Venezuela
BP and Royal Dutch Shell agreed to new joint ventures with the Caracas government that will allow them to work as independent drillers. Venezuela is forcing companies with at least 32 oil fields to switch to partnerships with Petroleos de Venezuela, the state-owned oil firm. In the last 4 years, President Hugo Chavez has sharply raised taxes and royalties on foreign oil firms and demanded $3 bil in payments.
Frontier Oil to expand, buy back
After a $224 mil, 2-year investment, the oil refiner will produce higher-margin products and be able to use cheaper, high-sulfur crudes. ...
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