[Paul Ross]

The last of the private fields were now taken by Hugo.

[thackney]

Please note that this is not a complete grabbing of the entire facility but increasing the percentage claim of ownership.

Venezuela’s state-run energy company, known as PDVSA, already owned four Orinoco joint ventures with a range of ownership of 38 percent to 49.9 percent. They are increasing their claim to 60%.

PDVSA is going to reimburse for the increased claimed. The irony is PDVSA has offered future oil as payment. It would be like stealing your farm and offering to pay with the corn you already planted.

Chavez’s oil plans in slippery territory
http://www.chron.com/disp/story.mpl/business/energy/4763470.html

But for those who suggest the oil companies destroy the facilities before turning them over, you should understand what is actually happening. The oil companies are not going to destroy their 2 billion dollars worth of facility to protest the loss of 500 million.

[Rick_Michael]

One thought commies were gone with the fall of the Berlin wall, but the morons are still around.

[Thunder90]

The only foreign oil companies allowed in Venezuela are Russian/CIS, Chinese, Iranian, and Cuban oil companies.