Friday, February 08, 2008

PDVSA assets to be frozen?

When Chavez decided to nationalize the Orinoco oil fields last year some companies did not like it. They did not like it even more since some of the contracts had been established by the Chavez administration itself, now going back on its word. But of course, Chavez who takes away without adequate compensation any property from Venezuelans could not care less about taking property from foreigners, even more if he lied to them in the first place.

Unfortunately for Chavez, he cannot name judges elsewhere like he does in Venezuela, and even have his people call their people for his legal needs. Exxon Mobil, aware of that, went to a British court, NOT a US court, mind you!, to ask for redress and fair compensation and apparently 12 billion USD at least of PDVSA assets overseas will be frozen. Until a final court decision comes, that is. The Chavez con job was confronted.

What next? Chavez will scream, start taking illegally more US assets in Venezuela, PDVSA will keep losing more assets overseas (Citgo?). Chavez will be seen as a hero by the silly left. And here in Venezuela? Well, we will starve, as PDVSA already falling production will be harder and harder to place overseas and nobody will come to invest a single penny in a country where not even your home is safe from a chavista greed. The price of oil will go up but we will not be able to benefit of it. All for Chavez big mouth and whims.

-The end-

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