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Published: Sunday, April 30, 2006
Bob Chapman: We take
pronouncements in the WSJ with a grain of salt! Chavez they say wants to seize
majority control of four Orinoco projects and force private companies into a
majority stake. Due to a shortfall in production of oil
Venezuela will buy 100,000 bpd of oil from Russia. This way the PDVSA wonÂ’t
default on contracts and incur penalties. The deal was to be financed via ABN
Amro, but the Russians agreed to carry the debt. The Ruhr Oil Refinery in Germany, in which
PDVSA has a 50% interest, will be supplied with Russian oil. Production has
been falling in Venezuela and supplies obviously have been stretched
thin. In another item, PDVSA
will supply town mayors in Nicaragua aligned with the Sandinista party with oil.
Bob Chapman THE
INTERNATIONAL FORECASTER Complete archives at http://www.sitbot.net/ Please let us stay on topic and be civil. OM
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THE INTERNATIONAL FORECASTER editor Bob Chapman writes: We
take pronouncements in the WSJ with a grain of salt ... their latest is that
Venezuelan President Hugo Chavez Frias is planning new taxes on overseas oil
companies ... he is considering raising taxes and royalties on foreign
companiesÂ’ operations in the Orinoco River Basin ... that would include Exxon
Mobil, Conoco Phillips and Total SA of France, which have invested billions of
dollars.