Straight out of “Atlas Shrugged”

Hugo Chavez is seizing oil projects run by foreign entities:

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

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. (XOM), Chevron Corp. (CVX), ConocoPhillips (COP) Co., Total SA (TOT) and Statoil ASA. (STO)

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.

  • Jason

    If only those companies would blow up their equipment before they left.

  • Doug Mataconis


    I do believe we are now at the Franciso D’Anconia stage of Venezuela’s collapse.

  • MAF

    If they don’t destroy their own property, they deserve what they get.

  • Kevin

    Why is he only stopping at 60% control? Since government is so good at managing production of natural resources, why doesn’t he go for 100% control?

  • T F Stern

    If only those companies would blow up their equipment before they left. And use dirty nuclear bombs to do it, ruin that pissant dictor’s money grab.

  • TerryP

    He probably only is taking 60% because he needs those companies and its people there. Without them those businesses would fall apart. When has a gov’t ever run anything well. Once the talent and skills of the people running those businesses leave the businesses will start to crumble and decay.

  • tarran

    The rightful owners should do nothing to damage the property. They should turn it over in as good a condition as they can manage.

    Then when things start going wrong, the socialists won’t be able to spin their failures as being caused by sabotage. Give them no excuses!

  • Kevin

    When has a gov’t ever run anything well.

    Obviously you don’t understand sarcasm

  • Eric W

    checkout for the latest news

    also checkout the shill section