Chavez: Troops to Escort Oil Takeovers

AP News ^ | Thursday April 12, 11:19 PM EDT | Unknown

[Navydog]

CARACAS, Venezuela (AP) — President Hugo Chavez said Thursday that soldiers will accompany government officials when they take over oil projects in the Orinoco River basin next month.

Chavez has decreed that Petroleos de Venezuela SA, or PDVSA, will take a minimum 60 percent stake in four heavy-oil projects in the Orinoco River region and invited the six private companies operating there to stay on as minority partners.

"On May 1 we are going to take control of the oil fields," Chavez said. "I'm sure no transnational company is going to draw a shotgun, but we will go with the armed forces and the people."

The projects — run by BP PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips, France's Total SA and Norway's Statoil ASA — upgrade heavy, tar-like crude into more marketable oils and are considered Venezuela's most promising. As older fields elsewhere go into decline, development of the Orinoco is seen as key to Venezuela's future production.

Negotiations over the takeover have yet to yield an agreement and are expected to be difficult as the companies seek a deal that takes into account more than $17 billion in investments and loans related to the projects.

Chavez has been given special powers by congress for 18 months to issue laws by decree in energy and other areas, which he has also used to nationalize the country's biggest telecommunications company and electricity company.

Chavez has justified the nationalizations as necessary to give the government control of sectors strategic to Venezuela's interests.

[snarks_when_bored]

A Zippo lighter is all it would take to fix this problem...

[JillValentine]

Ah, Chavez, the wannabe crusader, the hero in his own mind, the terrorist-Marxist dictator. If you bought him for what he’s worth and sold him for what he thinks he’s worth, you’d make a million dollars.

This Latina chick would love to kick his ass.

[rhombus]

A Zippo lighter is all it would take to fix this problem...

Ah yes, the Saddam approach to the Kuwaiti oil fields. I'm sure they can purchase carbon credits to offset any potential environmental damage. /s

[Cementjungle]

Ah, Chavez, the wannabe crusader, the hero in his own mind, the terrorist-Marxist dictator. If you bought him for what he’s worth and sold him for what he thinks he’s worth, you’d make a million dollars.

And I hope this one doesn't last nearly as long as Castro.

[EBH]

Wyatt’s Torch it.

[sport]

The companies should just destroy their equipment and shut them down.

They should also do the same thing to their operations over here[ the U.S.]when the Democrats impose an “excessive profits” tax.

[Jedi Master Pikachu]

Latin America pinglist.

[AmericaUnited]

Is anyone from Evil Big Oil reading this?! You guys are such a disappointment! This two bit dictator steals from you and yet you let him live? What’s up with that? If you don't make an example out of this thug, EVERY two bit dictator will be stealing from you next. Is that what you want?

[YOUGOTIT]

Is this not what Hillery said or words to that effect?

[rlmorel]

Huh! I thought that said “Latin America PIGlist”...:)

[DB]

They’re too busy taking people out that invent infinite mileage carburetors...

That was sarcasm if that was missed...

[RobFromGa]

Hope this turns out like d’Anconia’s copper mines.

[Whit]

Interesting that he’s doing this on May Day.

[dennisw]

Chavez has decreed that Petroleos de Venezuela SA, or PDVSA, will take a minimum 60 percent stake in four heavy-oil projects in the Orinoco River region and invited the six private companies operating there to stay on as minority partners.

TRANSLATION:
Western companies provide all the technology, organization and engineering and Venezuela provides all the corruption and stupidity

And the Chavez machine gets 60% of the profit for providing some low level labor

[dennisw]

p>Is anyone from Evil Big Oil reading this?! You guys are such a disappointment! This two bit dictator steals from you and yet you let him live? What’s up with that? If you don't make an example out of this thug, EVERY two bit dictator will be stealing from you next. Is that what you want?

The CIA used to take care of these Hugo Chavez types. CIA did it for our oil companies which used to be fairly patriotic

[tcostell]

This is a "Salvador Allende" BTTT.

And remember Hugo, what happened to him (you little troll).

[M. Espinola]

Hugo's communist agenda in action.

Red fits the Red dictator

[misterrob]

From your profile I would say you could and would look darn good doing it!

:-)

[LibLieSlayer]

Torch the platforms and rigs and starve communists. I can dream...

LLS