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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (50823)	6/9/2004 12:27:20 AM
From: elmatador	Respond to of 74559

PDVSA have refineries in the US. Bush administration has a dispute with Chavez and closed down the PDVSA refineries in the US. Increasing capacity in crude output won’t decrease oil price because the bottleneck is in refining. As Chaves took power, CONOCO run away from Venezuela. They disassembled the pumps from their Venezuelan refineries and shipped them offshore. Each pump costs like $2 to $3million. Without pumps the refineries are useless. This info I've got from a Dutch guy working in the oil and gas business in Indonesia. It is a typical LATAM situation where local well connected gang up to bleed the countries resources. A situation that only the privatization and government out of the economy can end. The strikes are most likely financed from businesses that want Chavez down.