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Thread: Venezuela seizes oil rigs owned by US company

  1. #21
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by RightinNYC View Post
    Oil = Property of Venezuela
    Rigs = Property of American company

    This is not a complicated concept.
    appears that it must be
    did you not read the story? the rig is now the property of the venezuelan government




    So anyone who conducts business with a foreign country is worthy of derision?
    who said that? please point it out as that would be something only a stupid person would concoct

    Great economic policy you've got there.
    a business person doing business in another country has to recognize that they are subject to the laws and regulations of that country
    the American company failed to operate the oil rigs (because they were being slow paid)
    anybody here think that halliburton would be able to get away with not performing its contracts in iraq if its payments were not promptly received?
    didn't think so
    why does the American rig owner think they can get away with it in chavez' country?
    my economic policy is to be businesslike. the American rig owner was not ... he was stupid. and why is it that you have come to his defense for failing to operate the rig which was contracted to generate oil revenues to which both the rig owner and country of venezuela were to become fairly enriched?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
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  2. #22
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by justabubba View Post
    appears that it must be
    did you not read the story? the rig is now the property of the venezuelan government
    Thanks for that incisive analysis.

    who said that? please point it out as that would be something only a stupid person would concoct
    And yet that's what you said.

    "i do find company principals whose reach exceeds their grasp to be worthy of derision"

    Anyone who operates in a foreign country (without a choice of law provision) is subject to those foreign laws. By subjecting themselves to those foreign laws, companies are relying on the operation of those foreign courts. By definition, operating in a foreign country is operating in an area outside of your "grasp."

    a business person doing business in another country has to recognize that they are subject to the laws and regulations of that country
    the American company failed to operate the oil rigs (because they were being slow paid)
    anybody here think that halliburton would be able to get away with not performing its contracts in iraq if its payments were not promptly received?
    didn't think so
    If Halliburton refused to perform its contracts, the US government would take action under the terms of the contract or would seek another judicial remedy. That's just a teensy bit different from nationalization.

    why does the American rig owner think they can get away with it in chavez' country?
    Probably because he had a signed contract saying "we will pay you X dollars for Y service" and expected that it meant the Venezuelan government would actually meet its obligations.

    my economic policy is to be businesslike. the American rig owner was not ... he was stupid.
    It sounds like you don't have the slightest idea what you're talking about.

    and why is it that you have come to his defense for failing to operate the rig which was contracted to generate oil revenues to which both the rig owner and country of venezuela were to become fairly enriched?
    And why is it that you keep of ignoring the fact that Venezuela refused to pay the tens of millions that it owed?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  3. #23
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by RightinNYC View Post
    Any reasonable person reading "his seizing of American assets" in the context of this article would come away understanding that Rev was referring to assets owned by an American corporation, not assets owned by the federal government (particularly given that he had already referred to the company as owner just two posts before that). Why do you feel the need to deliberately misconstrue people's words? Why not just debate the issue?
    another poster fails to accurately convey his point and i am the one in error for reading it as it was written
    in short, it does appear that you have run out of viable rebuttals
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by justabubba View Post
    another poster fails to accurately convey his point and i am the one in error for reading it as it was written
    in short, it does appear that you have run out of viable rebuttals
    Chavez is simply pushing his Marxist ideology. Not only is he screwing with American companies, but also with Carlos Slim's assets and George Soros's Petroleo Brasileiro S.A.Petrobras George Soros Buys Petroleo Brasileiro S.A.Petrobras, AutoZone Inc., InterOil Corp., Sells Arch Coal Inc., Public Service Enterprise Group, PPL Corp. -- GuruFocus.com

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    Re: Venezuela seizes oil rigs owned by US company

    Unfortunately, Helmerich & Payne has little legal recoourse. It is not likely that it can rely on the rule of law for justice in Venezuela given past precedent concerning the Chavez government's seizure of assets. There is no international court for addressing commercial disputes. Bringing litigation outside of Venezuela would constitute an attempt to ask a foreign court to assert extraterritorial jurisdiction, a problematic concept that courts should reject given the potential abuses inherent in such a concept.

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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by justabubba View Post
    those assets formerly owned by an American based company are located in the country of venezuela and subject to its laws/rules
    American federal laws, oklahoma states laws have absolutely NO bearing there
    Are they really *in* the official Venezuelan *owned* land? I tried to find this out - on the Rig Company's website it lists these rigs as being in the body of water, not pertaining to a country.
    To me I gather (and I'm still trying to learn more) that they're in international waters - just like Deepwater Horizon - and thus subject to international laws and still under the laws of their country of business-ownership.

    I might be wrong but I think that's how it is.

    Even so - they're still an American-owned company. They built them within contract with Venezuela and Venezuela breeched their contract and then took them over which is *still* unacceptable.

    it doesn't matter where something is located - no other country has the "right" to take posession of it.
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    It has happened before, but there is nothing to compare it to now.
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    Re: Venezuela seizes oil rigs owned by US company

    I am putting justabubba on mky ignore list. I have no interest in reading his asinine bull****.

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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by Aunt Spiker View Post
    Are they really *in* the official Venezuelan *owned* land? I tried to find this out - on the Rig Company's website it lists these rigs as being in the body of water, not pertaining to a country.
    To me I gather (and I'm still trying to learn more) that they're in international waters - just like Deepwater Horizon - and thus subject to international laws and still under the laws of their country of business-ownership.

    I might be wrong but I think that's how it is.

    Even so - they're still an American-owned company. They built them within contract with Venezuela and Venezuela breeched their contract and then took them over which is *still* unacceptable.

    it doesn't matter where something is located - no other country has the "right" to take posession of it.
    Rigs, ships, or water vessels have always been considered sovereign entities from which the countries it is registered.

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    Re: Venezuela seizes oil rigs owned by US company

    I see no difference between Chavez stealing company assets or Obama stealing company assets.

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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by Aunt Spiker View Post
    What's he gonna do - seize the whole damn world!?
    That's exactly his idea. And the US does nothing to stop him. He is using oil to colonize small caribbean and central american countries like Nicaragua. He plans to invade Colombia and create a "bolivarian" socialist state merging Bolivia, Peru, Ecuador, Panama, Colombia and Venezuela, with he as the leader of course.

    And Obama only says that he wants to improve the relationship with this buffoon.
    Obama is a fail...

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