Thursday, February 14, 2008
Exxon's Fair Compensation In Venezuela JV Around $750 Million
Venezuela believes that roughly $750 million is fair compensation for ExxonMobil Corp.'s share in a nationalized oil venture, the country's oil minister said Thursday. The book value for Exxon's share in the Cerro Negro heavy oil venture that was nationalized last summer 'is in that vicinity,' Oil Minister Rafael Ramirez told reporters when asked to confirm if $750 million is the value Petroleos de Venezuela placed on Exxon's stake. Exxon demanded $5 billion in compensation for its share in the oil project, Ramirez said, far more than what the country considers fair. 'A fair compensation is not even 10%' of the $12 billion in PdVSA assets that Exxon managed to freeze through court orders in the U.S., Europe and the Caribbean, Ramirez insisted as he left Congress.
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Why are these escualidos who sold Venezuela's birthright still living the High Life in Caracas and Miami, and raking in the dough? At the very least they upset the country's balance of payments unnecessarily. At worst, they eat up the people's capital and dissipate it uselessly -- and even use it against them.
ReplyDeleteIt's time to soak these bastards, Bigtime. Socialist construction requires the dough they stole. I think the people want it back.