how horrible...Venezuela actually cares about its people

[Guest guest]

VENEZUELA RAISES THE MINIMUM WAGE & INCREASES OIL SHARES

On May 1, in a speech before thousands of Venezuelans, President

Chavez announced new measures in honor of International Workers' Day.

During his remarks, Chavez called for a 20% increase in the minimum

wage as well as the recovery of 60% of the revenue shares in the

Orinoco Belt oil projects. Not surprisingly, a recent poll found that

two thirds of Venezuelans are happy with their president. View the

poll.

 

By partially nationalizing Orinoco Belt oil projects, the Venezuelan

government will gain a majority share in four heavy oil projects in

the region, thereby reducing the stakes of foreign private oil

companies including ConocoPhilips, Chevron, ExxonMobil, Total, and

BP. Oil is just one of three key sectors which are expected to see

further state control in the coming months; other industries include

telecommunications and electricity. For a detailed account of these

reforms, read the fact sheet.

 

The new revenue-sharing agreement in the oil sector (expected to be

finalized by June 26th) allows private oil companies to retain 40%

ownership over the oil concessions in question, while the state will

increase its revenue shares to 60%. The companies will be compensated

for all assets transferred to the Venezuelan government under the

agreement.

 

Although most news articles have reported otherwise, most companies

are expected to comply with the new terms to ensure future profits

from Venezuela's lucrative oil industry. In fact, Venezuela lags

behind many other oil-producing nations in the amount of sovereignty

it exercises over its natural resources. Tim Padgett of Time Magazine

takes a refreshing look at the phenomenon this week in his article,

" Chavez's Not-So-Radical Oil Move " .

 

VENEZUELA TO WITHDRAW FROM THE IMF

Economic sovereignty is also at stake in Venezuela's announcement this

week that it will terminate its membership in the International

Monetary Fund and the World Bank. Venezuela repaid its debts to both

financial institutions last month, and has pledged to fulfill the

terms of outstanding global bonds after it leaves. Finance Minister

Rodrigo Cabezas recently stated that " Venezuela guarantees the payment

of its debt, both internal and external -- all the debt, all the

short-, medium- and long-term issues. "

 

WHAT YOU CAN DO!

Two major themes have appeared in the U.S. press on Venezuela this

month: nationalizations and press freedoms. With both coming under

increased scrutiny and often the subject of undue condemnation, you

can help by reviewing the facts on each and passing what you learn on

to others.

 

Become better informed on Venezuela's Nationalization Plan and Press

Freedoms in Venezuela and the Case of RCTV.

 

 

" NOTICE: Due to Presidential Executive Orders, the National Security Agency may

have read this email without warning, warrant, or notice. They may do this

without any judicial or legislative oversight. You have no recourse nor

protection save to call for the impeachment of the current President. "