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Hugo Chavez

Exxon Mobil awarded $900mn in oil dispute

Mon, 01/02/2012 - 15:07 by Sam Ross

An international arbitration panel has ordered Venezuela to pay Exxon Mobil $908 million in compensation for nationalization of its assets in Orinoco Belt.

Bank fears grip Venezuela

Fri, 12/04/2009 - 21:51 by Inderjit Singh

Caracas -- Bankers in Venezuela are working to calm fears that the nation's banking system is in crisis after the government's recent seizure of four small banks.

The president of Banco Federal CA made a television appearance to tell viewers the bank was operating smoothly after depositors lined up at one branch the day before to withdraw funds, The Wall Street Journal reported Friday.

Venezuelan President Hugo Chavez also sought to reassure depositors their money was safe, saying the government was "putting out the fire ... (of) greedy capitalism."

The four banks, two of which were taken over temporarily, are owned by Ricardo Fernandez, a billionaire who has worked closely with the government, but is in jail on various corruption charges.

Venezuela to tax high electricity use

Fri, 10/16/2009 - 23:14 by surajdogra

Caracas, Venezuela -- Venezuelan President Hugo Chavez said he would direct his administration to assess a tax for high consumption of electricity and set subsidies for low usage.

"Those who use energy above a ceiling will have to pay a surcharge. They must pay more. Those who spend less energy, under a minimum limit, will be subsidized and
will pay lower rates." El Universal quoted Chavez saying.

"There is a world energy crisis, for God's sake, we must understand it! Some people turn on their air conditioners and let them on all night. It's like wasting water day and night," he said.

Chavez said a lack of rainfall to replenish the headwaters of the Caroni River had become "a serious situation that has affected the supply of electricity."

Chavez, Morales attend NY film premiere

Thu, 09/24/2009 - 21:49 by Inderjit Singh

New York -- Venezuelan President Hugo Chavez and Bolivian President Evo Morales attended the U.S. premiere of Oliver Stone's film, "South of the Border," in New York.

The two Latin American leaders appear in the documentary and took part in a question and answer session after it screened Wednesday night at Lincoln Center's Walter Reade Theater on the eve of the New York Film Festival.

Chavez and Morales were in New York this week attending sessions at the United Nations General Assembly.

The movie premiere's Q&A session was moderated by Richard Pena, program director of the festival and the Film Society of Lincoln Center.

Chavez: Large gas field found in Venezuela

Sat, 09/12/2009 - 22:25 by surajdogra

Maracaibo, Venezuela -- Venezuelan President Hugo Chavez says his country could become a major gas producer thanks to the discovery of a large gas field off his country's coast.

The BBC reported Saturday Chavez confirmed his country made the discovery of an estimated 7 trillion to 8 trillion cubic feet of natural gas with the Spanish energy company Repsol.

"What are we going to do with so much gas?" the president jokingly said about the recent discovery.

Respol said the gas field was discovered in the Gulf of Venezuela as part of an exploration consortium involving the Italian energy company Eni, the BBC reported.

Venezuela, US to restore diplomatic ties

Thu, 06/25/2009 - 10:28 by preet_20

Caracas, June 25: Venezuela and the US have agreed to restore their diplomatic ties, Venezuela's Foreign Minister Nicolas Maduro said.

Washington cut off diplomatic ties with Caracas after Venezuelan President Hugo Chavez expelled US ambassador Patrick Duddy from the Andean nation Sep 11, 2008.

Chavez expelled Duddy to show solidarity with Bolivian President Evo Morales' decision of expelling US ambassador to Bolivia Philip Goldberg.

Following that development, the US also expelled Venezuelan envoy Bernardo Alvarez from Washington.
However the Venezuelan leader began efforts to restore diplomatic ties after President Barack Obama attended the summit of the Americas in Trinidad in April this year.

-IANS

US open to restoring diplomatic ties with Venezuela, says official

Tue, 04/21/2009 - 20:07 by Inderjit Singh

Washington, April 21-- The US government has said that it views as positive Venezuelan President Hugo Chavez's proposal to discuss the restoration of full diplomatic relations between the two countries.

"Dialogue is what we believe is important. And we will see where and how things go with regard to President Chavez's suggestion that we exchange ambassadors. We're looking at it. We think it's a positive idea, and we'll go from there," State Department's spokesman Robert Wood said Monday.

US officials will work with Venezuela toward the "shared goal" of the return of ambassadors to the respective capitals, the spokesman said at the daily briefing for reporters, without giving further details.