Truth to Power

Forgot about them, didn’t we?

Exxon Mobil not welcome in Venezuela anymore


Associated Press

03/30/06 “AP” – – CARACAS, Venezuela – Venezuela’s oil minister said today that Exxon Mobil Corp., the world’s second-largest integrated oil company, was no longer welcome in this oil-producing nation.

Exxon Mobil has resisted tax increases and contract changes that are part of a policy by President Hugo Chavez’s government to “re-nationalize” the oil industry.

Rather than submit to new terms that will turn 32 privately run oil fields over to state control, the company sold its stake in the 150,000 barrel-a-day Quiamare-La Ceiba field to its partner, Spanish-Argentine major Repsol YPF, to avoid accepting the unfavorable terms in December.

“There are some companies that prefer to leave” than accept the policy changes, Oil Minister Rafael Ramirez said in an interview with the state-run TV broadcaster. “Exxon Mobil … preferred to sell to Repsol, its partner in the agreement, rather than adjust.”</i>

Gee, just how long before the oil companies bestest buddy bush straightens this situation out? Eek.

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