Norwegian energy group StatoilHydro looks set to receive USD 235m in compensation from Venezuela for cutting its stake in the Sincor oil project.Sweet, sweet schadenfreude.
According to the report from Dow Jones Newswires, StatoilHydro -- Norway's biggest company -- would receive the compensation in cash this year.
The Sincor heavy oil project is one of several in Venezuela to be nationalized in President Hugo Chavez's attempt to transform the country into a socialist republic.
Sunday, February 03, 2008
Transition to communism to cost Hugo big bucks
Venezuelan president and buffoon-in-chief Hugo Chavez is about to find there's a heavy price to be paid for nationalizing the country's oil industry. He'll have to shell out $235 million to StatoilHydro of Norway for confiscating their stake in Venezuela's Sincor oil project.