Total to get $834 mln Venezuela oil compensation

Source: Reuters

Total to get $834 mln Venezuela oil compensation
Fri Feb 8, 2008 11:47am EST

PARIS, Feb 8 (Reuters) - French oil and gas giant Total (TOTF.PA: Quote, Profile, Research) said on Friday it would receive $834 million in crude oil shipments to compensate for its stake in Venezuela's Sincor.

"Total will receive $834 million in oil shipments for the transfer of the 16.67 percent interest to state-owned PDVSA," a Total spokeswoman told Reuters.

After issuing a decree last November creating the mixed company Petro Cedeno, the Venezuelan authorities issued on Jan. 10 a decree transferring Sincor's extra-heavy oil development operations in the Orinocco Belt to the new company Petro Cedeno.

"Under the terms of the final agreement, Total, which had held 47 percent in Sincor, will have a 30.32 percent interest in Petro Cedeno alonside PDVSA (60 percent) and Statoil (9.6 percent).


Read more: http://www.reuters.com/article/rbssEnergyNews/idUSPAC00923520080208

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TOTAL S.A.: Venezuela: Sincor Officially Transformed into a Mixed Company
PARIS--(BUSINESS WIRE)--

Regulatory News:

After issuing a decree in November 2007 creating the Mixed Company PetroCedeño, the Venezuelan authorities issued on January 10, 2008 a decree transferring Sincor’s extra-heavy oil development operations in the Orinoco Belt to the new company.

Total (NYSE:TOT) (LSE:TTA) (Paris:FP), state-owned PDVSA and the Venezuelan Ministry of Energy and Mines finalized today the texts stipulated in June 2007 memorandum of understanding, which set out the new contractual terms and conditions governing PetroCedeño and the transferring process of Sincor into this company.

Under the terms of the final agreements, Total, which had held a 47% interest in Sincor, will have a 30.323% interest in PetroCedeño alongside PDVSA (60%) and Statoil (9.677%).

Total will be compensated with oil for the transfer of the 16.677% interest to PDVSA.

http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20080208005492&newsLang=en

Exxon Mobile has to stir up Oil War II: South America, and pay hundreds of millions of dollars to top price law firms and (lower price) U.S. politicians, and yet more filthy multi-millions to Donald Rumsfeld, war strategist:

"The Smart Way to Beat Tyrants Like Chávez," by Donald Rumsfeld, 12/1/07
http://www.washingtonpost.com/wp-dyn/content/article/2007/11/30/AR2007113001800.html

I hope I live to see the day that the American people dismantle Exxon Mobile, pull their corporate charter and seize their assets (whatever doesn't belong to other countries) for the common good, and sentences Donald Rumsfeld to cleaning bedpans in veterans' hospital for the rest of his miserable life.

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now THAT

is poetic justice!

good idea . .