Helmerich & Payne Says Venezuela Debts May Not Be Collectable

Apr 30, 2009 Full story: www.bloomberg.com 11

Helmerich & Payne Inc. said it may not be able to collect $116 million owed by Petroleos de Venezuela SA , the second company in two days to question whether the Venezuelaa s state oil company will repay debts.

"Ai uan tu bi iur fren" Full Story

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#1 May 1, 2009
And to think, Venezuela is run by a man that actually thinks someone respects him! He's a chump, a thug, a woman beater, a slanderous clown, the only time he DOESN'T lie, is when his lips aren't moving.

His money management record is "look how quick I can turn $1 million into debt"
Tom in Lazybrook

Bogotá, Colombia

#2 May 3, 2009
Is PDVSA already out of money? I figured they'd be broke by September, but ALREADY?

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#3 May 3, 2009
Lucky PDV is NOT public, as no shareholder would have no idea what the value would be. It is expected they are sitting on a few illegally transferred in Billions, but the way this place is run... I'd count in weeks and days, not months.

I drove an hour today to go to a REAL food store. There were 5 items not on the shelves of either of the big supermarkets we went to. We decided to get enough to make it through the project, our 2 week deadline was already extended, as there was some vandalising, and a report filled out with much information pure lies. I went to inspect, had the idiot terminated for complete irresponsibility, and estimated the completion and repair at 2-3 weeks. I don't know why so many have such a hard time to tell the truth here, but I think they like to say what sounds good, not reality. Possibly, they learn this from Chavez, but his life is GREAT, what with his personal budgets, who wouldn't be!
Tom in Lazybrook

Bogotá, Colombia

#4 May 3, 2009
I've heard that there are a lot of Venezuelans coming to Colombia to buy food.
Tom in Lazybrook

Bogotá, Colombia

#5 May 3, 2009
OMG, apparently, PDVSA needs cash and can't get any loans from external banks. Now they announce they are going to start "borrowing" from Venezuelan banks, may sell CITGO, and are instituting 20% wage cuts.

I think they may be completely broke. The only question is, will these actually be loans or is he going to simply drain the Venezuelan banks?

If I had an account at a Venezuelan bank, I might be a bit concerned about these 'loans'. They're not paying their creditors, no one will give them more money, they're looking at selling their prestige assets, and now they think that someone should be lending them money?
Tom in Lazybrook

Bogotá, Colombia

#6 May 3, 2009
What happened to all the money that PDVSA borrowed from the China Development Bank in January ($6 billion USD)? That loan is to be paid for by FUTURE oil sales. So PDVSA isn't even having to pay that back in cash. Did this loan go through? And where is the money?

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#7 May 4, 2009
Venezuelan Economy is a shell... No infrastructure, no assets beyond oil... except;

20 years ago I heard Venezuela has only 2 resources. Oil and Women...

LOCK UP YOUR DAUGHTERS!
Gianni

Treviso, Italy

#8 May 9, 2009
I_need_a_beer wrote:
Lucky PDV is NOT public, as no shareholder would have no idea what the value would be. It is expected they are sitting on a few illegally transferred in Billions, but the way this place is run... I'd count in weeks and days, not months.
I drove an hour today to go to a REAL food store. There were 5 items not on the shelves of either of the big supermarkets we went to. We decided to get enough to make it through the project, our 2 week deadline was already extended, as there was some vandalising, and a report filled out with much information pure lies. I went to inspect, had the idiot terminated for complete irresponsibility, and estimated the completion and repair at 2-3 weeks. I don't know why so many have such a hard time to tell the truth here, but I think they like to say what sounds good, not reality. Possibly, they learn this from Chavez, but his life is GREAT, what with his personal budgets, who wouldn't be!
Have you ever minded that your project is voluntary damaged for prolonging the work of some Venezuelan guys? Sometimes, with the task of keep the job, its more important to go on working in endless projects than to get it and it's results!!!

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#9 May 12, 2009
International research has found that successful economies are those that have well established property rights and law. This gives investors confidence to invest and, if things go wrong, they know the path to follow in seeking redress or unwinding positions. This is what distinguishes the the E.U and N. America from Venezuela and Russia.

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#10 May 12, 2009
Gianni wrote:
<quoted text>
Have you ever minded that your project is voluntary damaged for prolonging the work of some Venezuelan guys? Sometimes, with the task of keep the job, its more important to go on working in endless projects than to get it and it's results!!!
Funny, isn't it! I cost, w/expenses 10X what a Venezuelan costs. AND, a VENEZUELAN that chose to seek my services understands that and, has NEVER ONCE COMPLAINED about my decisions or actions... has had a few questions about some harsh security or personnel issues. I'm very ready to leave, now we'll see if today's photos resemble the work done entirely by Venezuelans on future works. I've done what I could, but unlike the Chinese, Venezuelans can't learn and copy with quality and consistency. There's a certain deterioration factor undermining that.

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#11 May 12, 2009
"We're not going to pay abusive rates to anybody,"
Oil Minister Rafael Ramirez said Tuesday.
So, let's say the US Government says they are going to
STOP PAYMENTS FOR OIL TO VENEZUELA, to pay for the US contractors losses.

The US holds a balance of petroleum before paying, AND has plenty of reserve.

Sure sounds fair... I mean... c'mon... it's Hugo Chavez!
He re-wrote the BOOK on fair play, use HIS RULES!

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