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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Mandinga who wrote (33921)12/31/1998 3:43:00 PM
From: Paul Angell  Read Replies (1) of 95453
 
Mandinga, Mike,

I read that Chavez is going after PDVSA. He is a reforming socialist and does not respect the "gold card, saudi-style, business jet" behavior of PDVSA management. He is also quoted as being upset that they are allowing foreign oil companies to simply drill wells and export oil without having been forced to help Venezuela reform and develop its downstream refining capacity.

All signs are that he WILL look to usurp the power of PDVSA, since they have become more powerful than the government. This points to towing the line with OPEC cuts.

Of course he may change his tune after the post election honeymoon period.

Paul.
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