Category: Nationalization of Industry

Venezuela’s Natural Gas, Not Oil, Might Be a Big Early Prize

The New York Times – Business:
The South American country has natural gas that could be extracted and exported quickly, but U.S. sanctions, which are now being eased, have stymied development.
Venezuelan Lawmakers Approve Sweeping Overhaul of Oil Sector

Bowing to Trump administration pressure, the new legislation improves conditions for foreign oil companies and opens the way to slash the taxes they pay.
Trump Vows to Make Venezuela Rich. It Will Take More Than U.S. Cash.

History suggests that the price of oil and a wider distribution of wealth are as important as foreign investment.
Venezuela’s Oil Industry: A Timeline of Key Events

The country’s oil industry has undergone major shifts and two waves of nationalization since its first well started pumping in 1914.
Wary of Investing in Venezuela, Big Oil Heads to the White House

The amounts of money, time and political uncertainty trouble executives at large Western oil companies, who plan to meet with President Trump on Friday.
Oil Firms Say Venezuela Owes Them Billions, Complicating Trump’s Plan

Companies like Exxon Mobil and ConocoPhillips say that Venezuela owes them billions of dollars for confiscating their assets two decades ago.
Chevron’s Risky Bet to Stay in Venezuela May Now Give It an Advantage

The second-largest U.S. oil company, which kept pumping oil in the country after others left, could find it relatively easy to expand its operations if the political conditions there improve.
After U.S. Takes Stake in Intel, Trump Pledges ‘Many More’ Deals

The president said he hoped to “get as much as I can,” signaling a shift in the relationship between government and private business.
The Allure (and Complications) of “Golden Shares”

The White House would like some control of U.S. Steel if it approves its sale to Nippon Steel. Such deals could alter foreign investment in the United States.
British Government Takes Control of Country’s Last Major Steel Mill

London says it acted to prevent the plant’s Chinese owners from closing the plant, threatening jobs and national security.
Amid Sewage Spills and Rising Prices, Calls to Nationalize Water in England

Four decades after privatization, calls to nationalize the water industry have swept across England and Wales amid sewage spills and rising household bills.