VENEZUELA: Oil minster Rafael Ramirez says Venezuela will not nationalize all oil service companies

Record ID: 343859

  • Title: VENEZUELA: Oil minster Rafael Ramirez says Venezuela will not nationalize all oil service companies
  • Date: 10th June 2009
  • Summary: CARACAS, VENEZUELA (JUNE 9, 2009) (REUTERS) VARIOUS VIEWS OF CARACAS VARIOUS OF VENEZUELA'S ENERGY MINISTER RAFAEL RAMIREZ AT PODIUM FOR NEWS CONFERENCE PEOPLE AT NEWS CONFERENCE (SOUNDBITE) (Spanish) VENEZUELA'S ENERGY MINISTER RAFAEL RAMIREZ, SAYING "Here the big question is, and what they were trying to say is that we were going to absorb all activities of the oil
  • Embargoed: 25th June 2009 13:00
  • Keywords:
  • Topics: Domestic Politics,Energy
  • Reuters ID: LVA8QIM4QLCYMZ3PLP2T867KG7S0
  • Story Text: Venezuela will not nationalize all the oil service companies present in the country, Oil Minister Rafael Ramirez said on Tuesday (June 9), adding that gas and water injection units taken over last month were "monopolistic."
    "Here the big question is, and what they were trying to say is that we were going to absorb all activities of the oil industry, this is not true. What we are absorbing are the companies and here there is no space for the conformation of mixed companies. We, the Venezuelan state, are absorbing 100 percent of the fundamental companies involved in the lacustrine activities in the lake and the companies dedicated to the injection of gas and water for the oil fields, and also gas compression companies. Not more than this," said Ramirez.
    Venezuela's state oil company PDVSA has run up large debts with service companies including Halliburton and Schlumberger and is trying to renegotiate tariffs with them.
    Ramirez also said Venezuela was looking for $1.5 billion in financing for work at its El Palito and Puerto La Cruz refineries.
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