Top > Business > 2006 > October > 2006-10-01

Venezuelan Corporation No Longer 7-Elevan`s Partner

Rumors have been revolving around the recent decision of the 7-Elevan executives to stop selling gasoline from Venezuelan CITGO Petroleum Corp. Although the company`s executives claim that the decision has to do solely with a company`s desire to try to sell gasoline using their own brand name, for business purposes. However, the reasons suggested by the business world a more politically orientated than economically.

Analysts tend to link this rather bold gesture to the recent speech that the Venezuelan president Hugo Chavez has made at the September 20th at the United Nations. For those who haven?t heard the news, Chavez has managed to irritate the White House by criticizing the White House and calling the President George Bush "the devil". The statement has angered numerous White House officials and, as some claim, influenced the business relationships between U.S. and Venezuela.

One of the acclaimed organizations: American Family Association to boycott the oil from Venezuela. Even though the idea was disregarded immediately this can really hurt the economy of Venezuela, due to the fact that U.S. is the biggest importer of the Venezuelan oil. Nevertheless, officials on both sides protest the very idea that the decision to end the partnership had anything to do with Chavez`s statement. Rafael Ramirez, Venezuelan Energy and Petroleum Minister had repeatedly claimed that the decision is entirely apolitical: "No, no, no, no. We made our decisions with respect to some gas stations a long time ago. There is no conflict here".