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Latin America

Socialistlemur

(770 posts)

6. Venezuela didn't set a practical example.

Reply to Peace Patriot (Reply #4)

Thu Nov 14, 2013, 05:14 PM

Nov 2013

Venezuela never nationalized the oil industry under Chavez. They did eliminate the arbitration clauses, and this led Exxon and ConocoPhillips to walk. But those companies have huge claims against Venezuela, so they will likely end up owning everything PDVSA owns in the USA - mostly CITGO.

Statoil was already there. And ENI and others signed deals but they are barely investing. I think they are all waiting for Maduro to be replaced by a sane president.

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Highlight:

US warns of fallout if Ecuador scraps bilateral treaty [View all] Zorro Nov 2013 OP

I have a feeling there will be more scrapping of "bilateral" investment treaties with other counties RC Nov 2013 #1

The country's economy is basically dependent on America buying Venezuelan oil Marksman_91 Nov 2013 #2

I think what Correa objects to is arbitration of disputes in international courts Zorro Nov 2013 #3

They will invest via a Dutch subsidiary. Socialistlemur Nov 2013 #5

One thing that Chavez and other LatAm leaders have done is... Peace Patriot Nov 2013 #4

Venezuela didn't set a practical example. Socialistlemur Nov 2013 #6