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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: oilbabe who wrote (50574)9/8/1999 7:58:00 AM
From: oilbabe  Read Replies (2) of 95453
 
From Venezuela Online News:

Main oil union calls for indefinite strike, Sept. 14
Benchmark Brent soared to new 2 «-year highs today following news that Venezuela?s main oil union Fedepetrol is threatening an indefinite strike from Sept. 14.

Fedepetrol is pressing the government to kick start talks on a new salary agreement for the oil industry.

"The whole activity of the oil industry will be paralyzed for an indefinite period until the Labor Ministry calls us to sit down and discuss the collective wage contract," Bladimiro Blanco, Fedepetrol?s secretary-general said today.

With the news from Venezuela, benchmark Brent rose 68 cents on the day to $22.04 ? the highest for 31 months.

Fedepetrol has the support of the other major oil industry union Fetrahidrocarburos. Together the two unions boast 30,000 members from a workforce of some 40,000.

Fedepetrol wants oil workers to receive a 155 percent increase in the minimum wage ? Bs. 592,500 a month ? just under $1,000 ? as well as vacations totaling 45 days a year instead of the current 30 days.

The union is also demanding pension payments be increased 50 percent to Bs. 180,000 a month.

A key factor to the strike is that under Venezuelan law, unions have to present a strike petition to the Labor Ministry before beginning any work to rule in what constitutes a sort of cooling off period.

However, Blanco says that the union will not do this since the idea is to put pressure on the Labor Ministry to fulfill its own duties.
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