Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (46387)	6/13/1999 11:15:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

Sunday June 13, 9:52 pm Eastern Time Venezuela oil union withdraws strike threat CARACAS, June 13 (Reuters) - Venezuela's main oil workers union late on Sunday called off a nationwide strike planned for Monday after the government announced a last-minute pay offer for oil sector workers. ''There will be no strike,'' Carlos Ortega, head of Venezuela's largest oil union, told Reuters by telephone. ''We're pleased but not satisfied,'' he said after Energy and Mines Minister Ali Rodriguez said state oil company Petroleos de Venezuela (PDVSA) would award workers a merit pay increase of between three and six percent. The threat of an oil strike in the world's third largest oil exporter had contributed to a recent firming of prices despite the fact that PDVSA had said it could maintain its output at the current level of 2.7 million barrels per day for at least seven days if the walkout went ahead. Unions announced the strike last week after PDVSA said it would not award a regular salary rise for merit this year due to budget constraints. Talks to resolve the dispute seemed to have broken down earlier on Sunday when PDVSA negotiators failed to show up for a planned meeting with union officials. But after a late night meeting with President Hugo Chavez in Miraflores presidential palace, Rodriguez made the surprise announcement of a merit increase, albeit smaller than last year's average rise of eight percent. ''There's absolutely no reason for a strike in the Venezuelan oil sector where salaries are significantly higher than for other Venezuelan workers,'' Rodriguez said. He added that the decision to grant the merit rise had been taken by the government as the sole shareholder in PDVSA.