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Spain's Repsol signs 1.2bn dollars financing deal with Venezuela's PDVSA

Saturday, February 15th 2014 - 05:50 UTC
Full article 7 comments

Repsol signed a financing deal Friday with Venezuelan state oil company PDVSA that calls for the Spanish energy major to invest 1.2 billion dollars to boost the output of the companies' Petroquiriquire joint venture. Read full article


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  • ChrisR

    I cannot believe Repsol are doing this after the crook in chief TMBOA robbed them of YPF.

    I have a rule that I have always lived by, some of you may know it:

    Fool me once, shame on you.
    Fool me twice, shame on me.

    Nobody gets me twice. Repsol are going to get done over again.

    Feb 15th, 2014 - 03:20 pm - Link - Report abuse 0
  • Conqueror

    Unfortunately, Venezuela is also known for “expropriation”. It's also known as theft.

    Feb 15th, 2014 - 04:25 pm - Link - Report abuse 0
  • Briton

    Remember the panama canal fiasco,

    you do business with Spain at your peril,
    so some say..

    Feb 15th, 2014 - 07:17 pm - Link - Report abuse 0
  • ilsen

    I think it is more likely that Repsol will get burned by crooks in Ma-Burro s regime.
    Expropriation or nationalisation. Same thing really.

    Feb 15th, 2014 - 07:45 pm - Link - Report abuse 0
  • Briton

    Very true..

    Feb 16th, 2014 - 08:13 pm - Link - Report abuse 0
  • ilsen

    ok, hang on a moment! First line of this article;
    “PDVSA boss Rafael Ramirez, who is also Venezuela's vice president”

    So boss of the nationalised oil-industry and Vice-President???

    Does anyone but me see this! RepSol is getting into bed with this chavista crook and corrupt politico!
    How Rafael Ramirez bankrupted Petroleos de Venezuela
    Is he dodgy? Even the UK lefty broadsheet notes;
    ”... his surname has led some to suspect that he is related to the notorious Venezuelan terrorist Carlos the Jackal (real name Ilich Ramírez), who was also an Andean communist.
    He laughs off the link, joking that the name Ramírez is as common as Smith is in Britain, but the trail doesn't end there: one of his vice ministers was Lenin Ramírez, Carlos's brother.
    Is he seriously DODGY?
    If you can read this without feeling sick/angry, well...
    Also he is now one of the most wealthy and powerful men in Lat Am.
    PDVSA does not just run the oil, but is now a political entity;
    “In 2006, Rafael Ramírez, the energy minister, gave PDVSA workers a choice: Support President Hugo Chávez, or lose their jobs. The minister also said: ”PDVSA is red [the color identified with Chávez's political party], red from top to bottom“. Chávez defended Ramírez, saying that public workers should back the ”revolution“. He added that ”PDVSA's workers are with this revolution, and those who aren't should go somewhere else. Go to Miami”.
    PDVSA continues to hire only supporters of the president, and PDVSA revenue is used to fund political projects.
    RepSol is now engaging with this!
    Oil reserves in Venezuela are some of the largest in the world, and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. The government of Venezuela treats PDVSA as a cash-cow,and the company only hires political supporters of the president. Between 2004 and 2010 PDVSA contributed $61.4 billion

    Feb 17th, 2014 - 01:57 am - Link - Report abuse 0
  • ross

    It does not make sense that Spain is investing huge amounts of Euros in a lawless country like Venezuela.

    Feb 18th, 2014 - 01:09 pm - Link - Report abuse 0

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