Venezuela and Chavez.

Scrowl down to industry news. Lots of interesting information here.

http://app.bronto.com/x/preview.php?...51609_8fee820f

If necessary, follow the online version link.

 

They are just a poor developing country trying to improve life for the people of that country. Just like every other south american dictator...

 

Yep, lining their pockets with either oil or drug money....

MikeyB

 

unfortunately, that isn't an unusal event in the oil field. every government wants it share of money. They tax equipment coming in, equipment going out, wages, fuels, etc. Combine that with just plain bribery required to get equipment into the country.

I have a buddy that used to work in Russia building pipelines. On average, about 1/4 of his equipment was conficated for "not meeting Russian specs", There were import fees on top of that. There were "special transport" fees. It didn't matter what he was bringing in country, it was expensive to import. All because Russian authorities and companies couldn't do what they wanted to do so they out sourced the job then rapped the company that done the job.

I have no problem with fair taxing of imports when it can be bought from an in country source, but when its taxed to bring it in, then taxed to bring it out, then taxed to use. that is getting a little rediculous.