Venezuela reportedly will allow its state-owned energy company to form joint ventures with...


Venezuela reportedly will allow its state-owned energy company to form joint ventures with PetroChina (PTR) and Chevron (CVX) to manage $6B in loans designed to reverse declining oil output. Agreements have been reached on terms of a $2B credit from CVX for the Petroboscan venture and a $4B loan from China for Sinovensa. Similar deals may be in the works with Shell (RDS.A) and Repsol.
Comments (5)
  • bjamesh
    , contributor
    Comments (227) | Send Message
     
    Wait a second....would this declining output have anything to do with the Orinoco Belt? Venezuela's vast oil sands. So America has no problem with helping develop heavy oil deposits? In fact is ok with a $2B infusion of money.

     

    No hypocrisy here. Nothing to see, move along.
    17 May 2013, 06:53 PM Reply Like
  • spybreaker
    , contributor
    Comments (235) | Send Message
     
    just curious... what's wrong with helping develop heavy oil deposits?
    17 May 2013, 09:54 PM Reply Like
  • bjamesh
    , contributor
    Comments (227) | Send Message
     
    You'll have to ask the individuals protesting and delaying the approval of Keystone XL. Appears to be about GH gases mostly. Not good for N.America but OK in Venezuela.
    17 May 2013, 11:51 PM Reply Like
  • Tired of Logging In
    , contributor
    Comments (8) | Send Message
     
    I would not want any company in which I have invested to do business in Venezuela. Venezuela's history is filled with examples of investments taken from foreign companies. The whole of Venezuela's oil industry is built from seized assets. Obviously these companies have not looked at the dealings of this country with respect to foreign investment. Or they somehow think they are smarter and stronger than those who have gone before.
    These investments will not turn out well.
    19 May 2013, 07:47 PM Reply Like
  • Arthur Fisher
    , contributor
    Comments (311) | Send Message
     
    Investing in a "kleptocracy".
    19 May 2013, 11:42 PM Reply Like
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