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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared Disease risk higher for swingers than prostitutes 23 Jun 2010 U.S. scores dead last again in healthcare study 23 Jun 2010 BP resumes oil siphon at leak 1:19am EDT WRAPUP 1-BP resumes oil siphon at leak, Obama poll numbers down 1:15am EDT Miley Cyrus "no underwear" photo is fake, blogger says 15 Jun 2010 Now scientists read your mind better than you can 22 Jun 2010 Methane in Gulf "astonishingly high": U.S. scientist 22 Jun 2010 Toronto's downtown banks empty out ahead of G20 23 Jun 2010 UPDATE 1-Senate Democrats push jobs tax compromise 23 Jun 2010 Soros says Germany could cause euro collapse 23 Jun 2010 U.S. scores dead last again in healthcare study 23 Jun 2010 Methane in Gulf "astonishingly high": U.S. scientist 22 Jun 2010 Disease risk higher for swingers than prostitutes 23 Jun 2010 Now scientists read your mind better than you can 22 Jun 2010 Fed softens economy view as it renews low-rate vow 23 Jun 2010 Australia gets first woman PM 3:26am EDT Toronto's downtown banks empty out ahead of G20 23 Jun 2010 INTERVIEW-UPDATE 1-Microsoft sees strong online ad growth 23 Jun 2010 Soros says Germany could cause euro collapse 23 Jun 2010 Asian stocks steady as dollar down after Fed 2:53am EDT Venezuela to nationalize U.S. firm's oil rigs Frank Jack Daniel CARACAS Thu Jun 24, 2010 3:00am EDT Factbox Factbox: Oil service companies in Venezuela 2:51am EDT CARACAS (Reuters) - Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession. World A former soldier inspired by Cuba's Fidel Castro, Chavez has made energy nationalization the linchpin in his 'revolution'. He has also taken over assets in telecommunications, power, steel and banking. The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production. Ramirez said companies that refused to put their rigs into production were part of a plan to weaken Chavez's government, "There is a group of drill owners that has refused to discuss tariffs and services with PDVSA and have preferred to keep this equipment stored for a year," Ramirez told reporters in the oil producing state of Zulia. "That is the specific case with U.S. multinational Helmerich and Payne." The company was not immediately available for comment. Chavez, who faces legislative elections in September, often pushes ahead with radical plans during election campaigns. The 55-year-old leader is having a hard time in his 11th year in power. Venezuela's economy is the worst performing in Latin America this year, a problem exacerbated by a drop in oil output since 2008, power outages and soaring inflation. NO SURPRISE The takeover of Helmerich and Payne's rigs was not a surprise, considering Chavez penchant for nationalizations and the company's refusal to work before being paid the $49 million it has invoiced PDVSA. Helmerich and Payne is a small player in the drilling industry, but global giants like Halliburton, Schlumberger and Baker Hughes also have a presence in Venezuela. Halliburton and Schlumberger have avoided public spats with the government. Chavez has kept pressure up on the private sector in recent months, blaming a "parasitic bourgeoisie" for Venezuela's recession and 30 percent annualized inflation, He has threatened to nationalize Polar, the top brewer and food processor in the country of 30 million. The government has also seized a bank belonging to an owner of the leading opposition TV station and put an arrest warrant out for his partner, who is now on the run. Chavez in 2007 nationalized multi-billion dollar projects in Venezuela's vast Orinoco oil region, persuading companies such as BP Plc, to accept minority stakes in facilities they had built. Last year he ordered the takeover of dozens of smaller oil service companies as PDVSA, reeling from a sharp plunge in oil prices, struggled to pay contractors. When he was flush with oil cash during a boom in oil prices that ended in 2008, Chavez often compensated nationalized companies fairly, although the 2007 takeovers led to lawsuits from ConocoPhillips and Exxon Mobil. More recently Venezuela has been slower in paying compensation. (Reporting by Patricia Rondon, editing by Jackie Frank) World Comments See All Comments (1) | Post Comment Jun 24, 2010 3:13am EDT Blow the rigs, let PDVSA clean up the mess!! auto200564 Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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