Posted on 04/13/2007 2:14:01 AM PDT by 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.
I wish that we had many more millions af ladies just like you.
But they are the NEW arabs.
Too late. Chavez just militarized ‘em - or put goons in before the announcement, just to keep things friendly. He must have anticipated that
“This Latina chick would love to kick his ass.”
I like you already! ;)
Just like his hero, Fidel.
Carl Marx and the Democrats would be so proud!!!
“No need. The left is stupid. They think oil just sits underground in a big pool and all you do is stick a pipe down there and pump it out. That’s just not true at all. It requires a large amount of capital and expertise. However, that capital and expertise is being driven out of Venezuela. In three rears or so production will be less than 50% of what it is today.”
Yet another reason we had better get more serious about energy independance NOW
Torch ‘em and leave. Let Chavez figure how to put the fires out.
That or drop the 82d in to defend them.
Bowing to this thug should not be an option.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Who is John Galt?
“The companies should just destroy their equipment and shut them down.”
Don’t even have to destroy equipment. As any former maintenance guy knows, you just leave a lot of big equipment missing an on-off relay or fuse or something simple and say it is permanently broken. When Chavez dies of an unfortunate case of lead poisoning, you are back in bidness.
Why an Uzi?
“You’re kidding me?”
No. What are they going to do, send troops?
It is right out of the book...Wyatt’s Torch though.
Are they American companies?
The problem with that idea is that Putin and Co (Lukoil) is helping Venezuela’s domestic oil production.
You're kidding me right?
This is the second time you've asked. Asked and Answered. Do your own google search and report back. Just because you are "wastedyears" doesn't mean that I am going to be with this question.
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