By Sam McGill - Revolutionary Communist Group, Oct 19th 2012
The PDVSA Gas Communal 'Ambrosio Plaza' plant in Las Guarenas, Miranda State, produces over 1,000 gas cylinders each day, contributing to guaranteeing the supply of subsidised gas for domestic use to the Venezuelan population. 90% of families use this gas for cooking and for their household needs.
Yesterday President Hugo Chavez met with over a thousand workers in the large hall of the Caruachi Hydroelectric Complex of the Guyana Venezuela Corporation (CVG) to sign an agreement to begin the organisation and construction of the Orinoco Axis of Development.
Venezuela President Hugo Chavez met with Argentine Planning Minister Julio De Vido last Monday in Caracas for discussions that saw the head of the Caribbean nation invite his South American allies to join in the oil exploitation of the largest crude reserves in the world.
The Venezuelan government has secured a loan of US$ 1 billion from Japan in order to further expand one if its oil refineries in the Northern state of Carabobo, as well as to finance oil related goods and services.
Before the Bolivarian Revolution, Petróleos de Venezuela, S.A. (PDVSA) the Venezuelan state-run oil company, was completely cut off from society and its needs. The strategic guidelines of the country’s oil industry were set abroad to favour large multinationals such as Exxon and Shell, among others.
Contrary to some media reports, the Venezuelan state has not negotiated directly with the U.S. company, ExxonMobil, with regards to compensation, after the Venezuelan government made the sovereign decision to nationalize operations in the Orinoco Oil Belt in May 2007.
An international arbitration panel dismissed a claim by Brandes Investment Partners against Venezuela seeking damages for the forced sale of its stock in the nationalization of the country’s phone company, state-oil company Petroleos de Venezuela SA said today in a statement.