Takeover ordered of oil storage tanks
From Times Wire Reports
Honduras will take temporary control of foreign-owned oil storage terminals in an attempt to drive down fuel prices, President Manuel Zelaya said.
Zelaya ordered the move after failing to reach a deal with ExxonMobil, Chevron and a local company to rent the terminals.
“It is not a nationalization, it’s a temporary use of the storage tanks,” he said.
Honduras produces no crude, has no refinery and is heavily dependent on Shell, ExxonMobil and Chevron for its fuel supplies.
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