Did anybody not see this coming?

Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects on Tuesday, a vital move in President Hugo Chavez's nationalization drive. [...]

The four projects are valued at more than $30 billion and can convert about 600,000 barrels per day (bpd) of heavy, tarry crude into valuable synthetic oil. [...]

"Open investment will never return," he [Chavez] said on Monday to thousands of cheering workers dressed in the signature red of his self-styled leftist revolution at a rally for workers rights.

"We are sealing up that open investment era and burying it deep down in the Orinoco oil reserve," he added. [...]

Oil Minister Rafael Ramirez has said there may not be compensation in some cases and that Venezuela will only consider agreements on the booked value of the projects rather than their much larger current net worth. [...]

Industry analysts fear Venezuela's state oil company PDVSA could ultimately run into production and safety problems when it loses the management and technology of the experienced majors.

It's just a matter of time until they start digging mass graves in Venezuela. And to ensure that Venezuela has to go it alone when their economy collapses, Chavez announced that Venezuela will be pulling out from the International Monetary Fund and the World Bank.

On the bright side, Hugo Chavez's bestest buddy Fidel Castro missed the annual International Workers' Day parade in Cuba due to health issues. The clock is ticking.

Labels: Dead Dictators, etc, politics, Wish You Were Dead