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Archive for Tuesday, February 27, 2007

Chavez decrees takeover of foreign oil

February 27, 2007

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— President Hugo Chavez ordered by decree Monday the takeover of oil projects run by foreign oil companies in Venezuela's Orinoco River region.

Chavez previously had announced the government's intention to take a majority stake by May 1 in four heavy oil-upgrading projects run by British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA.

He said Monday he had signed the decree to proceed with the nationalizations that will see state oil company Petroleos de Venezuela SA, or PDVSA, taking at least a 60 percent stake in the projects.

"The privatization of oil in Venezuela has come to an end," he said on his weekday radio show, "Hello, President." "This marks the true nationalization of oil in Venezuela."

By May 1, "we will occupy these fields" and have the national flag flying on them, he said.

Comments

lounger 7 years, 1 month ago

to common cents.. open my eyes? how about dictatorship? isnt bush a dictator hiding behind the well written laws of our country???

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just_another_bozo_on_this_bus 7 years, 1 month ago

"Now all the Mexicans are up here."

That's a neat trick-- I wonder how Mexico City could be one of the largest cities in the world, then.

Oh that Chavez-- democracy really sucks, doesn't it?

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Dambudzo 7 years, 1 month ago

The last time that a government took over private oil Mexico happend.

Now all the Mexicans are up here.

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davisnin 7 years, 1 month ago

They shouldn't just pack up and leave.

They should set them on fire.

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Tom Shewmon 7 years, 1 month ago

Interesting the comments we've seen, see, and will continue to see about Chavez/oil, Bush/oil, Iraq/Bushco/oil....oil, oil, oil etc etc etc-by liberals; liberals that emphatically do NOT want any more exploration/drilling in US oil fields.

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Marion Lynn 7 years, 1 month ago

CC:

You got it right!

I wonder what is the preferred method of execution of deposed dictators in Venezuela?

Thanks.

Marion.

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common_cents 7 years, 1 month ago

Radical?

He was elected via a "Democratic" process, yet the Venezuelan National Assembly agreed to Chavez's request that he be allowed to rule by decree for the following 18 months.

Decree = dictatorship. Without a vote by the people, nor an indication during his campaign that this would be the path taken, he has gone from being a duly elected president to a dictator.

You may not like "big oil" but let's face it, they put the country on the map and have produce a significant amount of income for that country.

I say to Exxon and the rest of the big oil down there: Take your collective balls and go home. Let him run it into the ground so that an proper revolt can ensue. Don't leave anyone down there to help them run it.

If he wants to nationalize everything like every other FAILED economy in the world, let him... and let him fail.

Even China, one of the largest nationalized economies in the world knows that they must privatize their industries to succeed in world markets. And they have been doing so over the past decade.

Open your eyes.

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lounger 7 years, 1 month ago

he may be radical but its soo refreshing to see a leader stand up to the oil bullies of the world (unfortunatly that includes our current administration) good for him.

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