Venezuela's Chavez Sets Oil Fields Takeover for May; Says Bush Should Resign

[Say_What]

<clips>

Caracas, February 2, 2007 (venezuelanalysis.com)— Venezuelan President Hugo Chavez announced the government’s planned takeover of the Orinoco belt oil fields, and the re-nationalization of the electricity sector at an international press conference yesterday. He also responded to U.S. President George W. Bush’s “concerns” over Venezuelan democracy.

Oil fields takeover

In front of the assembled audience of foreign correspondents, President Chavez signed the Enabling Law, passed by the National Assembly Wednesday. The law will allow Chavez to pass laws by decree in eleven different areas for a period of 18 months.

At the news conference, Chavez outlined plans for Venezuela 's state oil company Petróleos de Venezuela SA (PDVSA) to become the majority stakeholder in four projects in the Orinoco belt oil fields, with a minimum stake of 60%.

The Venezuelan Head of State expressed his hope that the five foreign firms operating in the Orinoco Oil Belt, which include Exxon Mobil, Chevron Corp., British Petroleum PLC, Total SA and Statoil ASA, would remain as minority partners.

"I'm sure that they are going to accept because we are going to continue being partners, but if they aren't in agreement, they are totally free to leave," he said.

http://www.venezuelanalysis.com/news.php?newsno=2208


President Chavez signs the enabling law, which will allow him to pass laws by decree for the next 18 months.
Credit: ABN

[Webster Green]

1. I'll bet the war-chimp would love to invade to protect the oil boys..

Too bad chimpy, you used up the armed forces on your idiotic occupation of Iraq.

Maybe there will be a few bombs left over for Venezuela after you nuke the fuck out of Iran.

[John Q. Citizen]

2. Chavez is right; bush should resign. It would be best for everyone. n/t

[Vidar]

3. Chavez is right on both counts.

[hack89]

4. Iran is a lesson that Venezula should heed

you need foreign capital to keep your oil infrastructure modern and to add to your capacity. Venezuela is still part of a global, capitalist market - it will be interesting to see what other country will benefit from this as they receive the oil investments that would have gone to Venezuela.

[maddezmom]

5. duplicate topic

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2712961