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2007-06-25 Caribbean-Latin America

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Posted by Steve White 2007-06-25 00:00|| || Front Page|| [5 views ] Top

#1 But Chavez, who is on a drive to nationalise large areas of the economy, did not say which ones had rejected the state's terms.

Hmm. Seems he's playing them against each other because he's got a weak hand. I'll bet several if not all of them are telling him to shove it. Good.

Posted by gorb 2007-06-25 04:05|| 2007-06-25 04:05|| Front Page Top

#2 I can tell you one of them: Chevron. I've got a good friend working for them who told me they've no intention of ponying up anything to Hugo; they'll simply pull up stakes and leave. I gather they think Hugo isn't too long for this world and that his successor will be more reasonable.

Posted by Mac 2007-06-25 09:27|| 2007-06-25 09:27|| Front Page Top

#3 One of the companies absorbed by Chevron over the last few decades was Gulf Oil. Gulf had a huge presence in Venezuela in the 1940's and 50's. They were nationalized out in the mid 1970's.

Posted by Glenmore">Glenmore 2007-06-25 10:57|| 2007-06-25 10:57|| Front Page Top

#4 I gather they think Hugo isn't too long for this world and that his successor will be more reasonable.

I am a thinking this too. Probably the people will turn on him once everything gets too screwed up.

Posted by JohnQC 2007-06-25 14:43|| 2007-06-25 14:43|| Front Page Top

#5 JohnQC,
Like the Cubans turned on Fidel? It's been a long wait. So far.

Posted by Glenmore">Glenmore 2007-06-25 14:57|| 2007-06-25 14:57|| Front Page Top

#6 Well, the ones who voted for him anyway. They have their pride on the line.

Posted by gorb 2007-06-25 16:25|| 2007-06-25 16:25|| Front Page Top

#7 We can hope Glenmore. Cuba is an anachonism. Venezuela is joining the club.

Glenmore, what do you know about the oil companies in Venezuela? Will they bail on Chavez?

Posted by JohnQC 2007-06-25 18:03|| 2007-06-25 18:03|| Front Page Top

#8 JohnQC,
No inside info on what the oil companies will do. I can't see them making further major capital investments in this political climate. Chavez seems to be demanding such in return for not totally nationalizing oil company investments. Since I think he's serious, it looks like we'll probably repeat 1975. I fully expect China to provide him the needed capital and technical assistance he needs to more-or-less maintain his oil fields. He'll lose in the bargain, though he doesn't yet realize it. Western companies work relatively short-term, have serious limits on what tactics they can employ, and will actually negotiate. The Chinese work long-term, will be ruthless if they feel the need, and will use negotiation only as a cover. They will OWN Chavez, and he will say 'How high?' when they say 'Jump.'
Just my opinion.

Posted by Glenmore">Glenmore 2007-06-25 19:12|| 2007-06-25 19:12|| Front Page Top

#9 Meanwhile the conventional oilfields will get rapped and go into a speedier decline. If figure the Chineese will eventually be able to do something with the Orinco Belt, but by the time they do ooooooogo will be gone and a another caudilo will be in his place selling out to Brazil.

Posted by Shipman 2007-06-25 20:35|| 2007-06-25 20:35|| Front Page Top

#10 The most effective methods of developing the Orinoco ultra-heavy crudes require doing it in coordination with conventional crude production. If Hugo forces deferral of the Orinoco developments and depletes the conventional fields prematurely, which could be what goes down, then he has pretty effectively screwed himself and his country.

Posted by Glenmore">Glenmore 2007-06-25 21:43|| 2007-06-25 21:43|| Front Page Top

#11 Hell, he's already screwed his country, Glen.

Posted by Barbara Skolaut">Barbara Skolaut 2007-06-25 22:23|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2007-06-25 22:23|| Front Page Top

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