Archive for February 28th, 2012

PDVSA To Privatize Part Of A Unit???

February 28, 2012

Venezuela now belongs to everyone* *Certain conditions apply

Currently traveling in wonderful Uruguay and between travel and meetings, have had no time to post (or think) but I can’t pass this Setty discovery that among the many agreements signed by Chavez last week with the Chinese Government, there is one to sell shares of a PDVSA unit in the Hong Kong Stock Exchange.

This Guistiesque-sounding project is incredibly bizarre and the timing is even more puzzling as one of the accusations has been that the opposition wants to privatize PDVSA, but now the revolution, in the name of Sovereignty seems to be ready to do just that, even if the name or nature of the unit is a mystery. Thus, this would remove the issue for the upcoming campaign. Even better, the opposition could replicate this with all units in the future and say Chavez opened the way.

Is that weird or what?

Or was this simply an agreement worked out by the underlings and not checked with anyone? I mean, why not place it in the local exchange and sell the unit to its rightful owners: Venezuelans. Or does Chavismo simply want to sell the country before they leave?

In 1998, there was a project to sell 10% of each of the oil fields sold in the “Apertura” by the Caldera Government to Venezuelan investors, it was called EPIC for Entidades Petroleras de Inversion Colectiva, which was scrapped by the new Chavista administration under the ideological leadership of Jorge Giordani. The rest, as they say, is history. And now this incredibly weird and hard to believe turn to try to do the same, but in Hong Kong.

As weird as it gets….kudos to Setty for reporting it!

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