Article

2007-02-02 Caribbean-Latin America

Chavez: State to despoil majority of oil by May

The Venezuelan government will take majority control of oil projects in the Orinoco River basin by May 1 and any foreign oil company that resists can leave, President Hugo Chavez said Thursday as he elaborated on his sweeping nationalization plans.

Chavez told a news conference that his government is "not posing any conflict" to oil companies British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA that are upgrading heavy oil in the Orinoco.

Chavez, who a day earlier was given power by congress to issue laws by decree in energy and other areas, said he was ready to sign a decree for the nationalization of the four Orinoco projects by May 1. He said that state oil company Petroleos de Venezuela SA, would take a stake of "no less than 60 percent." "I'm sure that they're going to accept this because we are going to continue being partners. Now, if they aren't in agreement, they are totally free to leave," he said.

Posted by Fred 2007-02-02 00:00|| || Front Page|| [11142 views since 2007-05-07] Top

#1 "We're not planning to disrupt your business, We want it intact. We only plan to steal it outright.

Posted by Redneck Jim 2007-02-02 10:43|| 2007-02-02 10:43|| Front Page Top

#2 backdoors to the oil ops software installed? Shut him down

Posted by Frank G">Frank G 2007-02-02 11:29|| 2007-02-02 11:29|| Front Page Top

#3 Here's a pretty good illustration of why Venezuela is going to be a basket case economcally inside of 8 years.

Posted by Shipman 2007-02-02 16:43|| 2007-02-02 16:43|| Front Page Top

#4 "print more bolivars".

I knew that was part of the plan.
Another sprocket for El Commandante!

Posted by tu3031 2007-02-02 16:48|| 2007-02-02 16:48|| Front Page Top

#5 excelente Senor Ship

Posted by Frank G">Frank G 2007-02-02 17:19|| 2007-02-02 17:19|| Front Page Top

#6 Maybe some oil projects expropriated in the Orinoco River basin need some accelerated depreciation.

Posted by Alaska Paul">Alaska Paul 2007-02-02 22:33|| 2007-02-02 22:33|| Front Page Top

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