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CARACAS, Venezuela – Venezuela's government has seized control of 11 oil rigs owned by U.S. driller Helmerich & Payne, which shut them down because the state oil company was behind on payments.
Oil Minister Rafael Ramirez announced that Venezuela would nationalize the Tulsa, Oklahoma-based company's rigs. He said in a statement Wednesday that Helmerich & Payne had rejected government demands to resume drilling operations for more than a year.
Originally posted by Blaine91555
This is theft by a thief, pure and simple. Chavez is a what he is. He is likely going belly up before long. Buying the Dictatorship of a country can't be cheap.
Obama won't do anything. I'd expect Chavez is one of his personal hero's.
Originally posted by FreshAir
I would suspect that by simple fact of operating in Venezuela, or any other country in which there is a threat that the foreign company may be nationalized, there is a business plan in place to account for that potential liability. Business will have taken this possibility into consideration before moving in...