The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: TomSea on December 26, 2018, 05:21:09 pm
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Oh, great. Russia takes over Venezuela's oil industry
Jazz Shaw Posted at 11:31 am on December 26, 2018
We already learned that Russia was sending bombers to Venezuela for military exercises and supporting the country’s imploding economy. What could Vladimir Putin have wanted in exchange? We’re probably seeing the answer come into focus as Russia moves in to “help†Venezuelan dictator Nicolas Maduro as we head into the new year. Putin is going to bail out Maduro’s failing government with some cash in exchange for establishing some measure of control over that nation’s vast crude oil reserves that are currently lying mostly dormant. (WaPo)
As allies go, Venezuela is a relatively cheap one for Russia. But the potential returns on Moscow’s investment there could be priceless.
In exchange for modest loans and bailouts over the past decade, Russia now owns significant parts of at least five oil fields in Venezuela, which holds the world’s largest reserves, along with 30 years’ worth of future output from two Caribbean natural-gas fields.
Read more at: https://hotair.com/archives/2018/12/26/oh-great-russia-takes-venezuelas-oil-industry/
It might be a little bit of hyperbole but still, with some truth.
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Don't worry, Russia is not going to take over all of Venezuela's oil industry.
China will control parts of it as well.
https://www.reuters.com/article/us-venezuela-china/venezuela-sold-9-9-percent-of-joint-venture-to-china-oil-firm-maduro-idUSKCN1LY2NN (https://www.reuters.com/article/us-venezuela-china/venezuela-sold-9-9-percent-of-joint-venture-to-china-oil-firm-maduro-idUSKCN1LY2NN)
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Good luck with all that. Venezuela has nationalized energy twice. Which is one more time than in the ME.