Tag Archives: Private Property

Sep
30
2011
Posted by
admin
Comments

In Case You Missed It… Articles Roundup Week of 9/30/11

In this week’s roundup… Settlement talks between U.S. companies and Chávez government over expropriated assets are unlikely, as two more American firms file arbitration claims against Venezuela before the World Bank’s International Center for Settlement of Investment Disputes (ICSID); Meanwhile, the Venezuelan government announces yet another expropriation; Chávez strikes out with Major League Baseball; Venezuela’s prisons are among the most dangerous in the continent; and Chávez tries to silence rumors about his health in his usual flair.

Venezuela Again Rejects Oil Settlement Talks, The Wall Street Journal

Venezuelan Oil Minister Rafael Ramirez on Tuesday rejected talk that his government was planning to settle with companies like Exxon Mobil Corp. and ConocoPhillips outside of official arbitration proceedings for compensation for projects nationalized by President Hugo Chavez nearly four years ago.

Helmerich Sues Venezuela Over Seized Drilling Rigs, The Wall Street Journal

Helmerich & Payne  Inc. has filed a lawsuit against Venezuela over the 2010 government takeover of 11 drilling rigs belonging to the Oklahoma-based oil-services company.

Owens Illinois hits Venezuela with arbitration claim, Reuters

U.S. bottle maker Owens Illinois (OI.N) has filed a claim for arbitration against Venezuela at a World Bank tribunal after President Hugo Chavez nationalized its operations in October last year.

US glass container maker Owens-Illinois seeks arbitration in Venezuela expropriation dispute, The Washington Post

U.S.-based glass container manufacturer Owens-Illinois Inc. said Wednesday it is seeking international arbitration in a dispute with Venezuela over the expropriation of two factories in the South American nation.

Chavez orders nationalization of ferry company, The Associated Press

President Hugo Chavez has ordered the nationalization of Venezuela’s largest ferry company. Chavez says the company, Conferrys, has failed to upgrade its vessels, causing delays and poor service from the eastern city of Puerto La Cruz to Margarita Island.

Venezuela gov’t strikes out with big league, Reuters

Baseball and President Hugo Chavez are both popular in Venezuela, but uncertainty about his policies is prompting major league teams to stop investing here while developing their Dominican Republic training camps.

Guillen says he’s no fan of Chavez, The Associated Press via The Sacramento Bee

Ninety minutes into Ozzie Guillen’s first media session as manager of the Florida Marlins, the subject turned to politics – specifically, fellow countryman Hugo Chavez.

Venezuela’s Prison Chief Says No New Facilities Needed, The Wall Street Journal

The head of Venezuela’s recently created prison ministry, which was formed earlier this year in the wake of a bloody inmate riot at a notoriously overcrowded facility, said in an interview published Tuesday that building more prisons is not necessary. “

Hugo Chávez tries to silence health rumors with his usual flair, The Christian Science Monitor

Hugo Chávez assembled reporters to his palace and played ball, after a Miami-based newspaper suggested the spirited Venezuelan President was on his last legs.

 

 
Sep
29
2011
Posted by
admin
Comments

Venezuela — Empurra mas não vai

Estudo venezuelano avalia estatais de Chávez e confirma que o tal socialismo do século XXI é tão desastroso quanto o do século XX

Os automóveis que saem da fábrica Venirauto, na cidade de Maracay, são considerados carros para a vida toda. “Depois de adquirir um, ninguém vai querer comprá-lo de você”, dizem os venezuelanos. A montadora foi criada em 2006, numa parceria do governo venezuelano com uma empresa iraniana.

Tudo o que se produziu até agora — 2 017 veículos — equivale a 7% da meta anual estipulada no início. Dessas unidades, poucas estão nas ruas. A maioria dos carros foi aposentada após o primeiro problema mecânico. Não há peças de reposição à venda.

O que acontece dentro dos galpões da Venirauto é um mistério, pois a empresa não abre as portas para jornalistas ou gente de fora do governo.

Clique aqui para ler mais.

 
Sep
28
2011
Posted by
admin
Comments

Venezuela Signals It Won’t Comply With Arbitration Decisions

Government moves to make it harder for nationalized foreign companies to receive compensation

Faced with the specter of losing multiple arbitration claims brought forth by American and other companies for not being compensated for property expropriated by the Venezuelan government, Venezuelan Oil Minister Rafael Ramirez said this week the country will not comply with penalties imposed by any international judicial entity in issues pertaining to the Chavez government’s nationalizations.  The position taken by the Chavez administration would put the country at odds with the International Center for Settlement of Investment Disputes (ICSID), posing a serious concern for the 18 companies which currently have open cases against the oil producing country for assets seized by the Chávez administration.

The announcement follows recent developments in the ICSID arbitration case regarding two U.S. companies, Exxon Mobile and ConocoPhillips, whose assets were nationalized by the Venezuelan government. According to news reports, Venezuela could be asked to pay a combined sum of around $40 billion for losses endured by the two U.S companies. However, the Venezuelan government has made it clear that they are only willing to pay $2.5 billion. Oklahoma based oil services company, Helmerich & Payne, has also filed a law suit against Venezuela over the 2010 government takeover of 11 of the company’s drilling rigs.

In a separate statement Minister Ramirez declared that PDVSA will move to avoid having any assets abroad so as to protect the company from the multiple threats from international arbitration cases it is facing.  Such a move would make it harder for foreign companies that are found to have been wronged and not compensated by the Venezuelan government to receive restitution for their losses.

Boris Segura, an analyst at Nomura Securities, states: “Coupled with the recent announcement of the repatriation of gold holdings and the move of international reserves out of the US and Europe, this confusion about the arbitration claims does not look positive for Venezuela’s willingness to pay”

The apparent unwillingness of the Chávez administration to honor arbitration rulings paints a bleak picture for all who have outstanding arbitration against Venezuela. The harshest consequences of these actions, however, will be borne by the Venezuelan people, who continue to see a dramatic drop in foreign investments in their country.