Posted on 04/17/2007 1:20:52 PM PDT by Sub-Driver
Venezuela says may not compensate in oil takeovers Tue Apr 17, 2007 3:57PM EDT
By Enrique Andres Pretel
PORLAMAR, Venezuela (Reuters) - Venezuela threatened on Tuesday not to compensate some foreign oil companies in its planned takeover of their multibillion dollar projects in the OPEC nation's vast Orinoco reserve.
The warning from the oil minister intensified the pressure the leftist government of President Hugo Chavez has exerted on some of the world's largest companies as they negotiate before a June deadline over the nationalizations.
"We are all talking. There are permanent conversations with all the partners," the minister, Rafael Ramirez, told reporters on the sidelines of an energy summit on the Venezuelan resort island of Margarita.
"We are going to see if there's compensation because in some cases there may not be compensation," he added.
Companies whose investments are targeted for takeover in the reserve of tarry crude are Chevron Corp., Exxon Mobil, Conoco Phillips, Norway's Statoil, Britain's BP and France's Total.
Tuesday's threat was the first time Venezuela explicitly said companies may not be compensated for losing investments in the four heavy crude upgrader projects that are valued at over $30 billion and can produce 600,000 barrels per day.
It reflected the tough negotiating tactics ordered by a president who often
(Excerpt) Read more at reuters.com ...
Should have dropped a JDAM on this guy years ago.
In reality, the combined financial power of these companies is more than adequate to create an army, overthrow the leftist leader and create their own country. Maybe Venezoilia?
Ellis Wyatt you mean.
"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
Or, just MacGyver up the whole shebang on the way out and let the oh-so-competent Venezuelan military sort it out. I’m guessing there’s a bit of flammable stuff around those facilities...just needs a source of ignition. And, while they are playing “Red Adair Does LatAm”, nationalize ALL of their holdings in the US and anywhere else we can. Might still come up short, but at least the companies that are getting robbed will get something back.
I heard he disappeared... lots of rich folks been disappearing.
I feel bad for owners of Citgo gas stations,, but, for the life of me,, I have no idea why anyone would buy gas there. I have not bought gas at a Citgo since I first heard about this dictator a few years back. I refuse to. I will pay more and drive further to use any other gas. If i were a Citgo station owner, I would find another supplier or get out of the business. You are directly sending money to a madman that is using those dollars against our nation.
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