Invite ye felawes and frendes desirous in gold to enter the gates of Shrewd'm, for they will thanke ye later.
- Manlobbi
Halls of Shrewd'm / US Policy
No. of Recommendations: 2
All those brown people would also have access to Shinyland.
Trump defenders float seizing South American country as another 51st state
“This opposition leader in Venezuela that won the Nobel Prize, and said it really deserved to go to Donald Trump, sounds like a pretty good leader to me for the people of Venezuela, and the end of narcoterrorism, and a better relationship with the U.S.,” Hannity said to Sen. Lindsey Graham (R-SC). “Or, if they choose, maybe the 51st state.”
“Sounds good to me!” Graham exclaimed.https://www.msn.com/en-us/news/other/trump-defende...Why didn't Hannity get on the ticket, instead of Vance? Hannity has a bigger following, and has been able to keep up a constant stream of counter-factual, racist, bellowing, for over 20 years.
Steve
No. of Recommendations: 2
and the end of narcoterrorism
It was all fantastic bullshit, but especially the above statement.
No. of Recommendations: 3
“Or, if they choose, maybe the 51st state.”>/i>
Venezuela makes little sense to me. They've already offered to out Maduro, just in a stable succession, so the bolichicos remain in power, and along with that give Chevron complete control over the allotted oil fields. There was no mention of how they money would be split - so that could be a sticking point. Or T may want the Chinese out, but there's no mention of that. Chevron has the lion's share of the oil, so maybe they want it all. Nor is there any explanation if T wants a different type of government. The rumor is that a land strike is being prepared with 4,500 troops. Maybe T thinks it will be a red state and PR could be blue to balance out, but invading and taking over V is a bad idea. We'd be saddled with them. One plus - V has some of the most beautiful women in the world, and they're castillano, but you have to be able to afford them. :) I don't want to take over V, but if we do, T will call the shots and he'd likely focus on the money and screw the people. Like a bad King.
No. of Recommendations: 1
...with that give Chevron complete control over the allotted oil fields. One of the big losers in Chavez' nationalization was ConocoPhillips. They have been in court, for years, trying to recover. I'm pretty sure they would push back against Chevron being handed everything.
from the net sifter
ConocoPhillips is pursuing recovery from Venezuela through legal means after the country expropriated its assets, a process that began with an $8.5 billion arbitration award in 2019. Recent developments include the dismissal of Venezuela's appeal in January 2025, US government licenses in October 2024 allowing ConocoPhillips to pursue debt recovery from Venezuelan state oil company (PDVSA) accounts, and a court order in Trinidad and Tobago in September 2024 to seize payments from gas projectsMeanwhile, the assets of Citgo, the US division of PDVSA, are up for auction.
Citgo Auction Turns Ugly as Venezuela Fights to Keep Its Last Crown Jewelhttps://finance.yahoo.com/news/citgo-auction-turns...And, because his nibs wants to be CEO of everything, I expect him to demand a major share of stock in PDVSA, after the invasion/revolution.
Steve...cue Joel Grey and Liza Minnelli
No. of Recommendations: 3
One of the big losers in Chavez' nationalization was ConocoPhillips. They have been in court, for years, trying to recover. I'm pretty sure they would push back against Chevron being handed everything.
The only way for Conoco Phillips to successfully push back is paying a bigger bribe to Trump than Chevron is willing to pay.
No. of Recommendations: 2
The only way for Conoco Phillips to successfully push back is paying a bigger bribe to Trump than Chevron is willing to pay.
As it happens, I have 2024 annual reports for both companies at my fingertips. COP's net profit last year was about $9.245B, while CVX's was $17.661B, so, yes, Chevron has deeper pockets.
I asked the net sifter how Chevron was able to obtain a license to produce in Venezuela, when ConocoPhillips did not.
After ConocoPhillips was expropriated by the Venezuelan government in 2007, Chevron was able to maintain its position through different strategies and negotiations with the state-owned company PDVSA
. The primary difference is that ConocoPhillips had its assets outright seized, while Chevron was able to preserve its stakes in joint ventures and negotiate a path to recoup its investment.
The specific factors that enabled Chevron to secure a license and not ConocoPhillips include:
ConocoPhillips's expropriation: In 2007, Venezuela nationalized the oil industry, forcing foreign companies to convert their operations into joint ventures with PDVSA. ConocoPhillips refused the terms and the government seized its assets, leading to international arbitration. The company later won a $1.38 billion award for the seizure.
Chevron's willingness to adapt: Chevron agreed to the terms of the joint ventures with PDVSA. This decision, though controversial, allowed the company to keep a foothold in the country.
Asset preservation during sanctions: Later, during U.S. sanctions against Venezuela, Chevron was given special permission to maintain its assets and avoid a complete wind-down of operations. This allowed the company to stay engaged while other firms were forced out.
Recouping investment: When Chevron received a restricted U.S. license in late 2022, it was structured so the company could recoup billions of dollars in unpaid revenue and accumulated debts. The deal allowed Chevron to take all the oil from its joint ventures with PDVSA for a period without sending proceeds to the Venezuelan government.
Strategic importance and U.S. government policy: Chevron's continued presence in Venezuela was viewed as a stabilizing influence that countered the growing influence of other state-backed oil companies from Russia and China. Restoring Chevron's ability to operate was also seen by U.S. policymakers as a way to increase global oil supply and provide relief for certain refiners
iirc, the other big loser in Venezuela was Exxon. Most of the oil companies from other countries, whose assets were nationalized, took the compensation Chavez offered, and called it a day.
The net sifter on Exxon's experience.
Yes, Exxon lost its investments in Venezuela due to nationalization in 2007, after refusing to cede majority control to the state-owned oil company, PDVSA. While Exxon was ultimately awarded compensation in international arbitration, the amount it received was significantly less than what it sought and was a complex, drawn-out legal battle.
Nationalization and Departure: In 2007, the Venezuelan government nationalized its oil industry, and Exxon Mobil's heavy oil assets were seized after the company refused to restructure its holdings to give PDVSA majority control. Exxon Mobil, along with ConocoPhillips, quit their operations in Venezuela after failing to reach a deal.
International Arbitration: Exxon Mobil pursued compensation through international arbitration.
The International Chamber of Commerce (ICC) initially ruled that Exxon was entitled to about $908 million (later reduced to around $750 million after a counter-claim) of the $12 billion it had sought, which Exxon found disappointing.
Later, the World Bank's International Centre for Settlement of Investment Disputes (ICSID) ruled in 2014 that Venezuela must pay Exxon Mobil $1.6 billion in compensation for the seized assets, a decision Exxon said confirmed the government failed to provide fair compensation.
Compensation: The total compensation Exxon received from Venezuela ended up being significantly less than its original claim, but was still a substantial amount in international arbitration.
The net sifter provides this breakdown of the participants in the Venezuelan oil patch.
Petropiar: PDVSA (70%), Chevron (30%)
Petromonagas: PDVSA (60%), Rosneft (40%)
Petrolera Sinovensa: PDVSA (60%), CNPC (40%)
Venangocupet: PDVSA (60%), Cupet (20%), Sonangol (20%)
Rosneft is, of course, Russian. CNPC is Chinese. Cupet is Cuban. Sonangol is based in Angola.
I expect his nibs to allocate a major share of PDVSA to himself. I would expect him to take a page from #43's book, regarding the rest. #43 voided all the contracts Saddam had signed with other oil companies, and reopened the bidding so US companies could get a piece of the action. I would expect Rosneft, CNPC and Cupet to be tossed (Trump tends to be Putin's slave, except when it comes to oil and gas), and their interests allocated among the US companies whose assets were nationalized, primarily COP and XOM.
Steve
No. of Recommendations: 2
.One of the big losers in Chavez' nationalization was Conoco Phillips.
I figured that could be handled by an allocation of the net income, as I would be surprised to see T ignore that. The allocation of income may be what is holding things up, but I think T would be talking that and he isn't. T could easily make a side deal with his bitcoin - so there is that. But I have no idea what the hold up is, could simply be it's a distraction from Epstein, and the fact he can't do anything about drugs.
No. of Recommendations: 0
I figured that could be handled by an allocation of the net income, as I would be surprised to see T ignore that.
Thing is, PDVSA isn't that good at running an oil industry. Prior to Chavez's nationalization, Venezuela produced about 2.8Mbpd. Now, they produce a bit under 1Mpbd
It would probably be better for Venezuela, if XOM, COP, and CVX ran the show, because higher production volumes should produce higher royalty payments to the Venezuelan treasury.
Steve
No. of Recommendations: 1
Thing is, PDVSA isn't that good at running an oil industry.
I know. They let development of new oil rigs fall by the wayside mostly because they don't have the expertise. They let Chevron back in to help them. So mismanagement, lack of investment and in infrastructure too, and our SANCTIONS. I've followed and it seems fairly normal for a small Latin American country not to invest and have poor management.
No. of Recommendations: 0
So mismanagement, lack of investment and in infrastructure too, and our SANCTIONS.
Yup. And the passage of time. It has been nearly 20 years, since the nationalization. Many PDVSA people who learned their craft from the big foreign companies have retired. Sticks in my mind there have been some purges too, particularly under Maduro.
Steve
