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Oct 11, 2013

Venezuela’s autocratic ways exasperate foreign oil firms

CARACAS/HOUSTON, Oct 11 (Reuters) – The exit of Malaysian
and Russian partners from key oil projects in Venezuela points
to long-running disputes that could force out other companies,
even as the government talks up its efforts to develop the huge
Orinoco extra heavy crude belt.

For years, state oil company PDVSA has made it the
responsibility of its partners in about 40 joint ventures to
boost stagnant national production of around 3 million barrels
per day, at times threatening to take away their licenses or
stop them repatriating dividend payments.

Oct 11, 2013

Maduro approves $900 mln for Venezuela currency auctions

CARACAS, Oct 10 (Reuters) – Venezuela raised the amount of
dollars to be auctioned by the central bank to local businesses
via a complementary foreign exchange system, and the president
said on Thursday that such sales could now be held every week.

The economy has become a major challenge for President
Nicolas Maduro, who faces dollars trading on the black market
for seven times the official rate and annual inflation that hit
almost 50 percent last month.

Oct 9, 2013

Maduro seeks decree powers from Venezuela lawmakers

CARACAS (Reuters) – Venezuelan President Nicolas Maduro went to parliament on Tuesday to seek decree powers that he says are essential to tackle corruption and fix the economy but opponents view as proof he wants to rule as an autocrat.

The National Assembly, where Maduro’s socialist government has a nearly two-thirds majority, will schedule a vote on the request next week and is widely expected to grant him the fast-track legislative powers in a revival of a measure used several times by his predecessor, Hugo Chavez.

Sep 20, 2013

Venezuela says U.S. bans Maduro from flying over Puerto Rico

CARACAS (Reuters) – Venezuela said on Thursday the United States had banned President Nicolas Maduro’s jet from flying through U.S. airspace over Puerto Rico en route to a state visit to China.

Maduro is due in Beijing this weekend for bilateral talks. China has become a major lender to his government, and Chinese firms are heavily involved in the OPEC nation’s oil industry.

Sep 18, 2013

CNPC to help develop Junin 10 project in Venezuela -Ramirez

CARACAS, Sept 18 (Reuters) – China’s CNPC will
work with Venezuela’s state oil company PDVSA to
develop the Junin 10 block in the South American country’s
Orinoco extra heavy crude belt, the Venezuelan petroleum
minister said on Wednesday.

The Orinoco region holds one of largest oil reserves in the
world, and PDVSA is working on projects there with foreign
partners including Italy’s ENI, Spain’s Repsol
and Russia’s Rosneft.

Sep 15, 2013

Venezuela rejects U.S. criticism of its anti-drug efforts

CARACAS (Reuters) – Venezuela has rejected U.S. criticism over its fight against international drug trafficking after Washington said the South American country had “failed demonstrably” for a fifth year running.

The White House said in an annual report on Friday that Venezuela, along with Bolivia and Myanmar, had not made substantial efforts during the last 12 months to meet its obligations under global counternarcotics agreements.

Sep 11, 2013

Venezuela seeks new World Bank hearing in Conoco dispute

CARACAS (Reuters) – Venezuela said on Wednesday that U.S. oil company ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) rejected its latest offer of compensation for the 2007 nationalization of oil projects and the South American country now seeks a new hearing on the matter with the World Bank.

Venezuela was responding to a World Bank arbitration panel, that last week said the South American country had failed to act in good faith or properly compensate the U.S. company for three big oil projects that were expropriated by the socialist government of the late Hugo Chavez.

Aug 30, 2013

Venezuela sentences man who shot U.S. attaches at strip club

CARACAS (Reuters) – A Venezuelan man has been sentenced to 5 1/2 years in prison for shooting and wounding two U.S. military attaches at a strip club in the capital, the attorney general’s office said on Friday.

Carlos Mejias, 32, admitted he shot the U.S. Embassy employees in the early hours of May 28, the office said.

Aug 30, 2013

Venezuelan man who shot U.S. attaches sentenced to prison

CARACAS (Reuters) – A Venezuelan man has been sentenced to 5-1/2 years in prison for shooting and wounding two U.S. military attaches at a strip club in the capital, the attorney general’s office said on Friday.

Carlos Mejias, 32, admitted he shot the U.S. Embassy employees in the early hours of May 28.

Aug 18, 2013

Showdown looms in Venezuela over decree powers plan

CARACAS (Reuters) – Venezuelan politicians traded insults at the weekend with a showdown looming in the National Assembly over President Nicolas Maduro’s plans to ask for fast-track decree powers he says he needs to combat corruption.

Maduro, who narrowly won an April election to replace his late mentor Hugo Chavez, says he is ready to change “all the laws” if necessary to stamp out widespread graft that is denting his popularity with some core supporters.

    • About Daniel

      "Daniel used to work for The Times newspaper and PA News agency in London before joining Reuters in 2003. Since then he has reported on political, general and economic news from across east Africa, Iraq and Latin America."
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