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“There are no such things as limits to growth, because there are no limits on the human capacity for intelligence, imagination and wonder.”     Ronald Reagan

February 26, 2007

Straight out of “Atlas Shrugged”

by Jason Pye

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.


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9 Comments

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

    Comment by Jason — February 26, 2007 @ 11:57 pm
  2. Jason,

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

    Comment by Doug Mataconis — February 27, 2007 @ 12:29 am
  3. If they don’t destroy their own property, they deserve what they get.

    Comment by MAF — February 27, 2007 @ 12:44 am
  4. 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?

    Comment by Kevin — February 27, 2007 @ 1:08 am
  5. 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.

    Comment by T F Stern — February 27, 2007 @ 9:37 am
  6. 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.

    Comment by TerryP — February 27, 2007 @ 10:01 am
  7. 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!

    Comment by tarran — February 27, 2007 @ 10:11 am
  8. When has a gov’t ever run anything well.

    Obviously you don’t understand sarcasm

    Comment by Kevin — February 27, 2007 @ 11:35 am
  9. checkout http://www.venezuelatoday.net for the latest news

    also checkout the shill section

    Comment by Eric W — February 27, 2007 @ 12:38 pm

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