Sounds like a plan brother.
Posted on 05/20/2009 12:53:00 PM PDT by faced
CARACAS -(Dow Jones)- Venezuela on Wednesday formalized its takeover of almost three dozen oil service companies now affected by President Hugo Chavez's nationalization campaign.
A new list of 35 companies appeared in the latest Official Gazette, the second such list published this month. State oil company Petroleos de Venezuela SA, PdVSA, has now taken over assets from 74 companies, according to the lists.
The latest batch of companies include water injection technology for oil wells in the SIMCO venture, controlled by the Scotland-based Wood Group Plc (WG.LN), Houston-based Exterran Holdings Inc (EXH) and other partners. Dozens of other firms mostly engaged in the water transportation business in Lake Maracaibo are also mentioned.
PdVSA officials took control of SIMCO and other companies last week.
According to the resolution, PdVSA will take control and perform a review of these assets and could still find it has no interest in taking them over. In such a case, "the takeover of these assets will have no effect."
Faced with mounting bills to contractors, PdVSA has seized dozens of firms and is expected to begin compensation talks with company owners. Oil Minister Rafael Ramirez has warned, however, that not all unpaid bills will be honored. Some of those debts, he has argued, may be found to be invalid or excessive.
-By Raul Gallegos; Dow Jones Newswires; +58-212-905-6338; raul.gallegos@ dowjones.com
(Excerpt) Read more at nasdaq.com ...
Sounds like a plan brother.
They will become more efficient, and give back more to the “people.”
Of course, 51% of the population supports this...
How to win friends and influence people...
Exactly. Soul brothers.
I would destroy the rigss, platforms and assets on my way out the door and file bankrupcty as soon as I landed on American soil.
They won’t get anywhere near fair compensation for them. They will end up paying bills for the conitnued operation of assets that bring them no revenue. Better to sink the ship and take the loss.
BTW - To what extent are events like these covered under insurance policies? I might go ahead and claim the asset as stolen and try to collect. Let the insurance company go after Hugo.
Hugo tries to one-up Zero.
Other than the date line and the name of the dictator this could be a story about the United States right now.
Yeah, you take the oil and I’ll take GM and Chrysler.
We’ll show whitey how it’s done.
Like Chrysler's secured bond holders and independent dealers.
obozo’s on the same track—First 150 days he’s nationalized the auto and banking industry. Next is medical industry then transportation industry.
For both of these pirates, the problem will be the problem that socialism always poses: Eventually, you run out of other people’s money.
It seems that Obama’s plan has really caught on.
I hope that our guys find a way to take CITGO back as well as some of he refineries he has sitting around the Caribbean.
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