Skip to comments.Hugo Crawls Back
Posted on 01/15/2009 5:53:48 PM PST by Kaslin
Energy: Low oil prices and plunging output have seen Venezuela's Hugo Chavez come groveling back to U.S. oil firms for new investment after abusing them earlier. But Big Oil, once bitten, should now be twice shy.
Chevron, Shell, and France's Total have quietly been approached for investment, the New York Times reports, even as they still smart from the expropriation of their assets in 2007.
It wasn't just the billions in losses. It's also unlikely they have forgotten the fireworks, troops, banners and torch-bearing Chavista mobs seizing their property in the name of "the people."
So it's quite a humiliation for the strongman, who once boasted, "We are taking back our country," to be back begging for help.
Expropriation hasn't worked so well. Chavez's state oil company, PDVSA, had virtually nothing left in its coffers after squandering $700 billion in oil earnings on political schemes like light bulb and milk factories. It needs $20 billion to develop its Orinoco Basin projects, which could produce 1.2 million barrels a day, but it can only do it with partners who have both capital and technology.
Chavez's original plan was to replace U.S. oil companies with state-controlled ones from Iran, Russia, Vietnam, Belarus and China. China, for one, wasn't impressed with Hugo's terms and didn't bite. Others, like Iran and Belarus, don't have the technology. Venezuelan oil, remember, is heavy and takes lots of refining.
(Excerpt) Read more at ibdeditorials.com ...
Let Castro save him.
It's nice to deal from strength. As Hugo will one day soon find out, from the opposite side.
How do you say “Go F yourself in Spanish”?
A better investment is in people and organizations that will topple Chavez.
A little money, a little time, a little patience and poof....he’s gone.
W needn’t worry, Chevron is on the case
You do know that Venezuela is the template for the USA’s leftnuts and boot lickers? If you haven't already, you should watch the Frontline video “The Hugo Chavez Show” online at their site to see how stupid this clown really is. BTW, he used the same idiot voters out of ignorant people by promising them free stuff that Osama-Obama used.
I’ve watched over the past year or so in my area as all the Citgo stations have become Shell stations. When I guy gas there now, I tell them exactly why I’ve ever been there before. I think the only Citgos left are, fittingly, owned and operated by muslims. Screw them both.
... and then light it on fire.
Ol Hugo is suffering from the old dont count your chickens before they hatch syndrome. Are his buddies, the Iranians, jumping to help him out? How about the Chinese? Im sure they would be more then willing to save his bacon, for a price.
Let him drink his oil...
There isn’t much incentive to invest, develop new technology, go through all kinds of trouble to solve all the technical issues, only to have your customer want to renegotiate the contract now that its all up and running.
And thats the kind of people these are.
Anyone looking to do work there should make sure they get their money up front. Make sure you are always operating on their dime. Don’t do anything, don’t turn a tap, don’t even get on the plane until the value of the contract is already deposited in your account.
That line made me snicker!
That's what is happening now. The low price of oil in the 30’s has an effect of breaking oil fueled tin-pots like Chavez. It also gives his big brother Putin. a bad case of cramps. Just give it time. I believe a depressed oil market is being used as economic weapon against Chavez
After having their assets seized by Hugo the first time, the only response the oil companies should make to him is to tell him to get stuffed.
Not only work on their dime, but make sure that they repay everything they stole the first time. The oil companies can always wait until Hugo’s regime collapses, and then deal with someone who wants the influx of revenue the oil companies would bring in and won’t try to play games like Hugo.
F/Him. Hugo is just a small time Mussolini wannabe. His own people will take care of the problem soon enough.
This fat idiot has absolutely no credibility whatsoever. I hope he is defaulting on every armament deal also.
The alliances with the commies and Iran and such was all showbiz for world consumption.
When his people start eating cardboard and dirt someone will ventilate his head and we’ll be done with this fool.