posted on May 13, 2009 05:24:56 AM new
<b>Note Venezueala wont pay abusive rates to suppliers !</b>
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Venezuela moves forward with oil nationalizations
Venezuela takes control of oil contractors, part of nationalizations
Rachel Jones, Associated Press Writer
On Tuesday May 12, 2009, 6:13 pm EDT
Buzz up! Print Related:Ensco International Inc., Tidewater Inc., Williams Companies, Inc.
CARACAS, Venezuela (AP) -- Venezuela's state oil company said Tuesday that it has taken control of 90 percent of oil contractors on western Lake Maracaibo as it aims to reduce costs due to falling crude prices.
President Hugo Chavez announced last week that Venezuela is nationalizing 60 oil contractors as his government moves to assert control over the industry under a new law approved by the pro-Chavez National Assembly.
Many of the contractors run boats, docks and other facilities on Lake Maracaibo in oil-rich Zulia state, while others process natural gas or inject water into oil fields to help extract crude.
State-run Petroleos de Venezuela SA, or PDVSA, has recently clashed with domestic and foreign service providers, falling behind on billions of dollars in payments as it aims to cut costs by 40 percent. Venezuela's Energy Ministry says PDVSA's unpaid invoices jumped 145 percent last year over 2007, to reach $13.9 billion in December.
The U.S. government is "monitoring the situation" and has been in close contact with companies that could be affected through its embassy in Caracas, U.S. State Department spokesman Noel Clay said Tuesday.
"In the event of expropriation, we expect the Venezuelan government to provide U.S. companies with prompt, adequate and effective compensation in accordance with international law," Clay said in Washington.
Oil Minister Rafael Ramirez said some contracts negotiated at last year's soaring crude prices are now overvalued. <b>"We're not going to pay abusive rates to anybody," he said Tuesday.</b>
Venezuela relies on oil for 93 percent of exports, but has seen world oil prices fall 60 percent since their July peak. A barrel of light, sweet crude was trading at $58.73 on the New York Mercantile Exchange on Tuesday.
Under a resolution published in Venezuela's Official Gazette on Monday, 39 companies currently providing services to PDVSA will be brought under government control -- including New Orleans-based Tidewater Inc. and Gulmar Offshore Middle East LLC, based in Sharjah, United Arab Emirates.
Some companies not mentioned in the resolution will also be affected by the law, including SIMCO consortium and natural gas processor and distributor Williams Companies Inc. SIMCO's largest partner, Wood Group, is based in Houston. The Wood Group's parent company, John Wood Group PLC, is based in Aberdeen, Scotland.
PDVSA has taken control of two gas compression facilities in eastern Venezuela belonging to Tulsa, Oklahoma-based Williams Cos.
Accumulated debts with PDVSA have prompted some foreign oil drillers to halt their Venezuela operations, including Ensco International Inc., which stopped drilling its offshore rig in January, saying Venezuela owed it $35 million.
The Dallas-based company said in a statement Monday that it has notified PDVSA that it intends to terminate its contract due to nonpayment.
Associated Press Writer Matthew Lee in Washington contributed to this report.
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Economic Reform act of Chairman Obama of the socialist States of America :
10 ounces of meat per month,half a yard of cotton per year per adult.
Hellilujah!
[ edited by hwahwa on May 13, 2009 05:27 AM ]
[ edited by hwahwa on May 13, 2009 05:28 AM ]
posted on May 13, 2009 01:21:22 PM new
hey hwa, you still haven't explained to us why you think Chavez is a "mentor" to Obama. Do you understand the definition of "mentor"?
Silly question, of course you don't. You ran and hid last time you tried this, I expect you'll do the same this go round too.
posted on May 13, 2009 07:23:23 PM new
Give it up, Hwa Hwa. Nobody buys into your Venezuela/Mao/Obama saki-inspired crazy conspiracy scheme. Obama is what he is, a newly elected president trying to drag us out of the dregs Bush has left us in. Nothing to do with Venezuela, nothing to do with Mao. Get over it or get out of the way.
[ edited by pixiamom on May 13, 2009 07:24 PM ]
posted on May 13, 2009 07:44:19 PM new
You should probably give up too. The constant "Bush left us in" is laughable in light of the ample historical record and really makes you sound like a jerk.
[ edited by desquirrel on May 13, 2009 07:44 PM ]
posted on May 13, 2009 09:08:30 PM new
Squirrel, thanks for stepping up to the plate. Please explain why Chavez is Obama's mentor. Also explain who was in charge when this economic fiasco we are embroiled in was created.
posted on May 13, 2009 11:23:32 PM new
I could not possibly care who Obama admires. And like I said, the history of the real estate collapse and repercussions is well documented over the last 20 years. Attempts made by McCain and Bush to yank the chain were thwarted in Congressional committees. You might check on the committee members and who also got the largest amount of those funny mortgage funds to spread around their districts. Barney has a whole slew of humorous quotes when most of the financial people started telling him what was coming.
posted on May 14, 2009 06:42:35 AM new
So you are clueless on Chavez. Interesting spin, putting Bush's failed economics on Congress. Let's not forget "More and more people own their own homes in America today. Two thirds of all Americans own their own homes, but we have a problem because fewer than half of the Hispanics and fewer than half of the African Americans own their own home. That’s a home ownership gap, a gap we have to work together to close. By the end of this decade we will increase the number of minority homeowners by at least 5 and ½ million.
Of course one of the larger obstacles to minority home ownership is financing. Fannie Mae and Freddie Mac have committed to provide more money for lenders, they have committed to meet the shortage of money for minority homebuyers. Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for home ownership. One of the programs is designed to help deserving families with bad credit histories to qualify for home ownership loans. You don’t have to have a lousy home for first time homebuyers. You put your mind to it, the low income homebuyer can have just as nice a house as anybody else." -George W.
posted on May 14, 2009 09:23:59 AM new
Interesting "spin"? I would never think it possible anyone could be so incredibly stupid, but you keep upping the bar. Foreclosures up another 34% in April.
So you won't get confused by big words and graphs, there is a nice little movie you can watch:
posted on May 15, 2009 03:45:14 PM new
I think hwahwa is just stirring up the board. There is no rhyme or reason for a comparison.
pixiamom, I have learned that history is revised in small steps. I have no doubt that what you quote is correct, and should be mentioned when searching for a reason for the crisis we are currently experiencing.
However, George Bush was not speaking in a vacuum. Where was Sen. Dodd, or Rep. Barney Frank? Both were and are powerful leaders of the committees which oversee our financial health. How about Senate Majority Leader Harry Reed, or House Speaker Nancy Pelosi? Further where was the Federal Reserve?
Now, I do not mean statements after the crisis began. Perhaps you could quote statements by them which contradict the one you quote here. Or, other statements over the years which warn us of an impending financial crisis.
Perhaps, when you also quote any or all opposing statements made by any of the above, we can be sure that George Bush was the only cause of this financial crisis.
To me, it appears that this mess was caused by everyone in Washington. There was a lot of money made, and a virtual flood of donations flowed to Washington. Now, we have to pay for their greed and mistakes.
[ edited by kozersky on May 15, 2009 03:45 PM ]
posted on May 15, 2009 07:03:07 PM new
Bill, I appreciate your thoughtful comments. Of course, the blame for the current economic crisis can't be laid entirely on George W. On the other hand, he was deeply involved in a previous Savings + Loan scandal that made his friends rich and left tax payers paying the tab. The elephant in the room is the Iran war which leaves our children (and grandchildren) in debt. I find that our economy in recent times has been much healthier in Democrat, rather than Republican leadership.
[ edited by pixiamom on May 15, 2009 07:04 PM ]
posted on May 19, 2009 01:16:08 PM new
As to where was Barney, et al, Barney and the rest of the trough sloppers took an ACTIVE role to defeat both the Bush and McCain reforms in committee.
By coincidence, PBS Frontline has an analysis of the current crisis. It's on tonight.
