( – promoted by Cool Cal)
I guess we now know why CITGO(official brand spelling) spent so much money to have the first commercial of the Academy Awards. Hugo Chavez, who runs CITGO through his state petroleum company, needed to build goodwill before his planned takeover of American Companies assetts in Venezuela.
According to CNN Chaves has been paying for assets he’s nationalized in the past. However he is only giving companies involved 60 days to “accept terms”. Sounds like our American Companies are being taken for a ride.
Chavez had previously 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 that has decreed a law 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.
If Chavez doesn’t pay full market value for these assets the balance should come from a seizure of CITGO’s assets in the United States.