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| Caribbean-Latin America |
| Venezuela to nationalize U.S. firm's oil rigs |
| 2010-06-25 |
| Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession. A former soldier inspired by Cuba's Fidel Castro, Chavez has made energy nationalization the linchpin in his 'revolution'. He has also taken over assets in telecommunications, power, steel and banking. The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production. Ramirez said companies that refused to put their rigs into production were part of a plan to weaken Chavez's government, "There is a group of drill owners that has refused to discuss tariffs and services with PDVSA and have preferred to keep this equipment stored for a year," Ramirez told reporters in the oil producing state of Zulia. "That is the specific case with U.S. multinational Helmerich and Payne." The company was not immediately available for comment. Chavez, who faces legislative elections in September, often pushes ahead with radical plans during election campaigns. The 55-year-old leader is having a hard time in his 11th year in power. Venezuela's economy is the worst performing in Latin America this year, a problem exacerbated by a drop in oil output since 2008, power outages and soaring inflation. |
| Posted by:Fred |
| #6 ...then in kind we should seize the Citgo refining facilities and equipment Venezuela has in the US. |
| Posted by: Mike Hunt 2010-06-25 19:44 |
| #5 Hugo decided to act before Obama. No honor among thieves. |
| Posted by: Procopius2k 2010-06-25 10:40 |
| #4 Yep. Because somehow we will react differently to socialism than the rest of the world. |
| Posted by: gorb 2010-06-25 09:37 |
| #3 a great anti-greed campaign by ChavezÂ…this must happen in the US. All of Wall Street and more should be put under US GovÂ’t control to eliminate greed. But donÂ’t worry in the US, we can eliminate greed without it touching your pocket book, the nationalization will only effect companies, not the little guy. Our form of socialism wonÂ’t say, youÂ’re driving too big a car, you have more than one house or have way more that the poorÂ….nope that canÂ’t happen here under our formula. (Sarcasm button off) |
| Posted by: HammerHead 2010-06-25 08:54 |
| #2 If I was those companies, I would leave them rigged for demolition. As soon as Chavez's goons step on board. Boom. |
| Posted by: DarthVader 2010-06-25 08:03 |
| #1 An idea Chevez obviously stole from 'Dreams of My Father.' |
| Posted by: Besoeker 2010-06-25 06:34 |