Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

S. American, Arab nations condemn attempt to control Venezuela's resources

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 03:59 AM
Original message
S. American, Arab nations condemn attempt to control Venezuela's resources
Source: Xinhua

S. American, Arab nations condemn attempt to control Venezuela's resources


www.chinaview.cn 2008-02-22 10:42:10

BUENOS AIRES, Feb. 21 (Xinhua) -- South American and Arab countries on Thursday condemned the attempt of any superpower or country to control Venezuela or any other South American country's resources.

In a statement issued at the end of a two-day meeting in the Argentine capital which drew foreign ministers from over 30 South American and Arabian countries, the participants said countries, while abiding to the UN charter and the international law principles, have "the sovereign rights to exploit their resources under their own laws and their own development policies."

The statement is regarded as a condemnation to the United States as Venezuela has accused Washington of attempting to overtake Venezuela's oil resources by such oil giants as the ExxonMobil.

Venezuelan Foreign Minister Nicolas Maduro said at the meeting that Exxon Mobile, the largest U.S. oil company, went so far as it even registered Venezuela's oil assets as belongings to Exxon Mobile.




Read more: http://news.xinhuanet.com/english/2008-02/22/content_7647080.htm
Printer Friendly | Permalink |  | Top
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 04:16 AM
Response to Original message
1. Venezuela Settles With French, Italian And Norwegian Oil Companies, U.S.-Based Exxon Only Holdout

Venezuela Settles With French, Italian And Norwegian Oil Companies, U.S.-Based Exxon Only Holdout
February 21, 2008 2:54 p.m. EST

Linda Young - AHN Editor

Caracas, Venezuela (AHN) - Venezuela has made progress in its quest to nationalize oil fields in its nation that were owned by foreign oil companies. Three of four foreign oil companies have agreed to take what Venezuela offered to pay for their oil interests there, leaving Irving, Texas-based Exxon Mobile oil company as the lone holdout for more money as compensation for its oil fields.

The Venezuelan government announced on Thursday that it had agreed to pay a total of $1.8 billion in compensation to three oil companies in France, Italy and Norway. Exxon Mobile is asking $12 billion for its oil fields and Venezuela claims the fields are only worth $1.2 billion tops.

And Venezuela's oil minister has further devalued Exxon's heavy oil fields in the Orinoco River basin, reportedly putting the worth of those assets at less than $1 billion.

Venezuela nationalized the foreign-owned oil fields last year, turning operations over to its state-owned energy company Petroleos de Venezuela, S.A. and has claimed that Exxon is exaggerating the value of its fields.
(snip)

Unlike the United States where the federal government does not own businesses, and businesses are privately owned and operated, many governments of other nations around the world, such as Venezuela, Cuba, India and China, do own businesses. In those nations, the governments own businesses outright or they own an interest in most of their nation's businesses.

http://www.allheadlinenews.com/articles/7010103889
Printer Friendly | Permalink |  | Top
 
cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 04:34 PM
Response to Reply #1
3. Check it out ~


"Exxon Mobile gets compensation for its oil fields"

Since WHEN does a corporation own oil fields in another country? Or is it just the refinery which sits on top of the oil field?

This is outrageus. I hope Exxon gets its butt kicked in this melee and Chavez comes out the winner.
Printer Friendly | Permalink |  | Top
 
sergeiAK Donating Member (438 posts) Send PM | Profile | Ignore Fri Feb-22-08 05:10 PM
Response to Reply #3
4. Exxon paid to develop some of the fields
And was given part-ownership in the oil as compensation for building the refinery. Now Chavez wants to change the deal, taking a larger stake for himself. Exxon contends that Chavez is underestimating the value of the part of the project that is being nationalized, and filed suit to prevent Chavez from disposing of assets before a case is decided. Personally, I think that Chavez is being a nut here, and could have easily solved this 4 years ago, before Exxon had invested the money in the refinery that they built. But he waited, and they decided to not give up as easily as the rest.

This is standard procedure in a contractual dispute, ie if I sued you over a business deal, I might also try to get the courts to block you from disposing of assets that could be used to pay a judgement against you in the event that I win. Assets like your bank account, car, house, etc. In this case, Chavez didn't even show up in court, so the courts blocked a large amount of his assets. A lesson for everyone: Showing up in court is not optional. It doesn't matter that you don't like the court, they play rough, and they play for keeps.
Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 10:05 PM
Response to Reply #4
6. "Personally, I think that Chavez is being a nut here..."
Personally, you are not the president of Venezuela, with a policy of using Venezuela's oil profits to bootstrap the vast poor majority with schools, medical care, land reform and other desperately needed social justice measures. So, personally, it doesn't matter a rat's ass what YOU think of the Venezuelan GOVERNMENT's policy on contracts with monster global corporate predators like Exxon-Mobil, or anything else.

"Now Chavez wants to change the deal, taking a larger stake for himself." --sergeiiAK

Chavez is the PRESIDENT of Venezuela. He is taking nothing "for himself." He is acting on behalf of all Venezuelans. And there is no evidence whatever that the oil negotiations will benefit Chavez personally in any way. The only thing he may get for his efforts is a bullet in the head, from fascist thugs on the Bush/USAID-NED or covert budgets payroll.

This is a classic corporate news monopoly and Bushite tactic--to PERSONALIZE a conflict and IGNORE the millions and millions of people whose lives are at stake. They did it with Saddam Hussein. They demonized him, and used that demonization to justify the slaughter of 1.2 million innocent Iraqis to get their oil. They had an easy time demonizing Saddam, and making the 1.2 million victims of their bombs and bullets disappear in the "news." Not so Chavez. He is a genuinely elected, legitimate leader, very popular in Venezuela (70% approval rating) and in the region, where most other leaders are his friends and allies. But they are nevertheless trying, as Donald Rumsfeld's op-ed in the Washington Post in Dec of last year, the stream of tripe coming out of the U.S. State Department, and numerous hit pieces by the Associated Press and other corporate lapdogs--amply demonstrate. They want you to ignore the awesome social movement in Venezuela that is responsible for electing Chavez, each time with ever increasing margins, and the millions of people involved, whose aspirations to social justice and democracy have moved them to become active citizens. The focus on one man, not on the democracy around him, which would not tolerate a "dictator"--as Rumsfeld does in his title

"The Smart Way to Beat Tyrants Like Chávez," by Donald Rumsfeld, 12/1/07
http://www.washingtonpost.com/wp-dyn/content/article/2007/11/30/AR2007113001800.html

The word "tyrant" turns to ashes in Rumsfeld's mouth. Rumsfeld, and the Bush Junta, and Exxon-Mobil are the tyrants--not the poor millions of Venezuela who ELECTED Chavez to see to their interests.

And when you say things like "Chavez is being a nut here" (the other winger epithets are "buffoon," "clown," "scumbag" but "nuts" is often used as well), and Chavez wants a larger stake of the oil "for himself, you are aiding Rumsfeld & co. in their efforts to demonize Chavez, make it personal, topple his government and install a fascist regime that will permit Exxon-Mobil and other predators to steal one of the Venezuelan peoples' only resources, and you are displaying colossal ignorance of the basics of democracy and the "sovereignty of the people." Corporations have no rights. They are not people. Only people have rights. Corporations--consortiums of "organized money" (as FDR called it)--have no right to do business, to profit or to own property and accumulate vast wealth and power in perpetuity. They are charted by A SOVEREIGN PEOPLE, who PERMIT them to do business, if it is in the INTEREST OF THE PEOPLE. They must be chartered. They must be licensed. Their charters and licenses can contain ANY provisions and regulations that the SOVEREIGN PEOPLE of a country decide to impose on them.

THIS is the proper order of things. The people come first. In a democracy, they are the SOVEREIGNS. And just as a king can banish a corporation, so can the people. Only people have rights.

Global corporate predators try to assert their "rights" over the sovereign people of a country by making analogies such as you do, to a business transaction between "you and me." (You say, "if I sued you over a business deal..."). But Exxon-Mobil is not like "you and me." Exxon-Mobile is a monster. Last quarter, they reported higher profits than any U.S. corporation, ever. They are a country unto themselves--a floating country with no loyalty to anyone. They use corrupt governments to start oil wars. They have used our own corrupt leaders to do this. They are an absolutely evil entity. There is simply no comparison between "you and me," and some dispute we might get into over a business deal, and Exxon-Mobil. The justice of scale must come into things, at some time. And the scale of Exxon-Mobil's power, wealth, profits and global reach is beyond anything that any sovereign country and its people--let alone a third world country like Venezuela--can deal with. All Venezuela can do--and it is doing this--is seek ALLIANCE with other bullied countries, and try to fend off Rumsfeld and his war plans, and Exxon-Mobil and its part in those war plans, by means of the collective strength of many countries.

We all need to throw these monstrous corporations off our backs. They have nothing to do with real trade and business. They are out-of-control monopolies. They kill small businesses, as well as killing and impoverishing lots of people. They run our government. They gas gouge with impunity. They are anti-democratic, and they are destroying the planet we all live on.

There is no defense for what this horror, Exxon-Mobil, has done to Venezuela. It is immoral. They are quite literally taking food out of the mouths of poor Venezuelan children, to add to their ungodly wealth and power. They've been exploiting Venezuelans for decades! When Chavez came to power, Venezuelans were getting only 10% of the profits from their own oil. Chavez has pushed it up to 60%. Norway's Statoil, France's Total, British BP, Conoco and even Chevron consider that reasonable. Only Exxon-Mobil walked out of the negotiations and went crying to the Bushites who control the World Bank, and into corrupt "first world" courts, in countries they control--to freeze Venezuela's assets. But, frankly, I don't think it's this money that Exxon-Mobile wants. They want it all--all the oil profits. Their aim is to topple the Chavez government with economic warfare (read Rumsfeld!), and reinstall fascist dictatorships in Venezuela AND in its allies, the ones rich in natural resources, oil especially--Ecuador, Bolivia, Argentina. It's more than greed. It's POWER they are after--to destroy any SOVEREIGN government that dares to demand a fair deal for the people who live there.


Printer Friendly | Permalink |  | Top
 
sergeiAK Donating Member (438 posts) Send PM | Profile | Ignore Sat Feb-23-08 02:16 PM
Response to Reply #6
7. They had a contract, Chavez broke it.
You seem to advocate taking things because Exxon made money. That's fucking retarded. Stealing from the wealthy is still theft. You advocate denying due process of law, violence, and theft. That makes you closer to Bush than you realize. Chavez too, since you're doing it "for the children". Either way, you advocate nationalization without compensation. That's theft. Theft is not ok just because you steal from the rich.

Also, due process of law. Exxon will get their day in court. Chavez will have to send a representative to testify as to his valuation of the project, then the courts can decide, and we'll have a fair decision. Again, if you don't show up, you lose.

Now, for what Chavez should've done. He could have said "no thanks, we'll build the refinery". Exxon would have left. This way Venezuela keeps 100% of the profits (minus any shipping needed), and Exxon takes a big pay cut. Chavez had them build it, promising them payment. Now he's dropped the payment after they've built it.

If you stop giving Exxon money, they stop making it. They eventually go away when they lose enough. But Chavez wanted to have his cake and eat it too. The others rolled over and took it, Exxon decided to play hardball. Chavez knew this could happen. He could have avoided giving them a penny. He decided that he needed Exxon, but didn't want to pay. They're fighting, as I'd expect any contractor that didn't get paid to do. Had he just developed the field internally, he could have kept every cent of that oil money. That's where he went wrong.
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 04:20 AM
Response to Original message
2. Venezuela's Fourth Quarter Growth Exceeds Estimates
Venezuela's Fourth Quarter Growth Exceeds Estimates (Update2)

By Matthew Walter

Feb. 21 (Bloomberg) -- Venezuela's economy expanded more than economists estimated in the fourth quarter, led by government and consumer spending.

The economy grew 8.5 percent from a year earlier, the central bank said today in a statement. That exceeded the 7.9 percent median forecast from nine analysts surveyed by Bloomberg. For all of 2007, gross domestic product rose 8.4 percent.

Venezuela, the biggest oil exporter in South America, will probably continue to grow at one of the fastest paces in the region in 2008, as high energy prices provide President Hugo Chavez the cash to expand social programs, said Gianfranco Bertozzi, an economist at Lehman Brothers Holdings Inc.

``The oil market is extremely buoyant, and there's still plenty of oxygen for the local economy,'' he said in a telephone interview from New York. ``There's plenty of room for the government to spend more.''

Venezuela is the fourth-biggest supplier of crude oil to the U.S. Oil futures traded in New York rose to a record $101.32 yesterday, and prices are up 64 percent from a year ago.

The central bank said output by the state-owned oil producer declined 2.2 percent in the fourth quarter, while private companies boosted output 4.8 percent. Oil-sector GDP has declined in 10 of the past 12 quarters, according to figures on the central bank's Web site.

More:
http://www.bloomberg.com/apps/news?pid=20601086&sid=aweguxGmPjic&refer=news
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-22-08 06:00 PM
Response to Original message
5. Arab nations back Venezuela in Exxon row: Chavez
Arab nations back Venezuela in Exxon row: Chavez
Fri Feb 22, 2008 2:35pm EST

CARACAS, Feb 22 (Reuters) - Arab nations have backed Venezuela in its conflict with Exxon Mobil (XOM.N: Quote, Profile, Research), President Hugo Chavez said on Friday, amid Exxon's continuing legal assault that has frozen up to $12 billion in Venezuelan assets.

The U.S. oil giant has taken Venezuela to arbitration for taking over its stake in a multibillion dollar oil project as part of the leftist Chavez's 2007 nationalization drive meant to create a socialist society.

"I want give my thanks for the support given to Venezuela by the conference of Arab and Latin American foreign ministers that just concluded in Buenos Aires," Chavez said during a televised address.

Ministers from thirty-four Arab and Latin American countries met in the Argentine capital this week to discuss commerce and trade. Some OPEC ministers have publicly sided with Venezuela over Exxon's legal push.

http://www.reuters.com/article/rbssEnergyNews/idUSN2260675920080222

~~~~~~~~~~~~~~~~~~

Last Updated: Thursday, 21 February 2008, 12:31 GMT

Venezuela settles with oil firms

The Venezuelan government has paid $1.8bn (£900m) in compensation to French, Norwegian and Italian oil firms after it nationalised key oil fields.
The move isolates US oil firm Exxon Mobil in its dispute with the country.

Exxon is seeking $12bn in compensation from Venezuela's state energy group, PDVSA, after its interests were nationalised last year.

Venezuela has accused the US oil giant of exaggerating the value of the firm's former investments in the country.

It said that Exxon's former interests were worth just $1.2bn.

France's Total, Norway's Statoil and Italy's ENI agreed to the settlement after accepting the book price for the assets that PDVSA took over.

More:
http://news.bbc.co.uk/2/hi/business/7256569.stm
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-23-08 04:10 PM
Response to Original message
8.  Venezuela settles with oil firms
Last Updated: Thursday, 21 February 2008, 12:31 GMT
Venezuela settles with oil firms


The Venezuelan government has paid $1.8bn (£900m) in compensation to French, Norwegian and Italian oil firms after it nationalised key oil fields.
The move isolates US oil firm Exxon Mobil in its dispute with the country.

Exxon is seeking $12bn in compensation from Venezuela's state energy group, PDVSA, after its interests were nationalised last year.

Venezuela has accused the US oil giant of exaggerating the value of the firm's former investments in the country.

It said that Exxon's former interests were worth just $1.2bn.

France's Total, Norway's Statoil and Italy's ENI agreed to the settlement after accepting the book price for the assets that PDVSA took over.

More:
http://news.bbc.co.uk/2/hi/business/7256569.stm

~~~~~~~~~~~~~~~~~


Venezuela's PDVSA Prepares Legal Defense
Thursday February 21, 12:46 pm ET
Venezuela to Challenge Exxon Over Order Freezing PDVSA Assets Next Week in London


CARACAS, Venezuela (AP) -- State-run oil company Petroleos de Venezuela SA is preparing to challenge a court injunction obtained by Exxon Mobil Corp. that froze $12 billion in PDVSA assets next week in London, a top Venezuelan oil official said.
Deputy Oil Minister Bernard Mommer said Wednesday that a hearing in which PDVSA plans to contest Exxon's claims will be held between Feb. 27 and Feb. 29.

"For the first time we will have a chance to respond. We're preparing for the case," Mommer said.

PDVSA and Exxon are locked in a fierce legal battle over compensation for the nationalization last year of one of four heavy oil projects in Venezuela's Orinoco basin.

More:
http://biz.yahoo.com/ap/080221/venezuela_exxon.html?.v=1
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Apr 23rd 2024, 02:25 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC