Posted on 02/06/2009 1:06:21 PM PST by NormsRevenge
CARACAS, Venezuela – Venezuela's state oil company is behind on billions in payments to private oil contractors from Oklahoma to Belarus, some of which have now stopped work, even as President Hugo Chavez funnels more oil revenue to social programs.
Petroleos de Venezuela SA, or PDVSA, says unpaid invoices jumped 39 percent in the first nine months of last year — reaching $7.86 billion in September. And that was when world oil was selling for $100 a barrel.
With prices plummeting by more than half, PDVSA is trying to renegotiate some contracts. ...
Oil accounts for 94 percent of Venezuela's exports and funds nearly half the socialist government's budget, and Chavez uses it to bankroll an international aid bonanza, showering allies with cheap fuel, refining projects and cash donations.
(Excerpt) Read more at news.yahoo.com ...
Just remember kiddies, Socialism works. ;-)
Ah, consequences.
El faulto de Bush.
Chavez: “Payment? What payment?”
“Liberals are like locusts: they move in swarms, consume every available resource, and move on - leaving behind a vast expanse of destruction.” - Keveno
Good! Any contractors who opted to work for the slimey creep need not to get paid.
No problem, he’ll just nationalize it and not pay. Done. It’s the democratic way.
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