Good News! Venezuela To Nationalize U.S. Firms Oil Rigs

Ain't socialism grand!

YahooNews

CARACAS (Reuters) Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.

A former soldier inspired by Cuba's Fidel Castro, Chavez has made energy nationalization the linchpin in his 'revolution'. He has also taken over assets in telecommunications, power, steel and banking.

The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production[...]

NO SURPRISE

The takeover of Helmerich and Payne's rigs was not a surprise, considering Chavez penchant for nationalizations and the company's refusal to work before being paid the $49 million it has invoiced PDVSA.

No worries here, yet.

h/t Kenny

Posted by: Stable Hand at 01:13 PM

Comments






Processing 0.01, elapsed 0.0034 seconds.
13 queries taking 0.0028 seconds, 7 records returned.
Page size 5 kb.
Powered by Minx 0.7 alpha.