Archive for September 14th, 2011

Smoke and Mirrors in the Chavez Revolution: Oil and Research

September 14, 2011

Hugo is so full of it. Today:

“Science and Technology are fundamental to obtain independence, that is the way, I am telling all of you..”

From PDVSA’s 2010 financials (page 14, point g)): During the years 2010, 2009 and 2008, the amounts recognized for this conecpt were US$ 188 million, US$ 276 million and US$ 555 million

Ummm… Research and Development in the most important industry in the country, and it is down 66% in three years and that is “the fundamental way to obtain independence”?

Someone should have told Ramirez…the President of PDVSA…Oh, well!! That’s why he needs another twelve years…

Oh yeah! And on the back of that budget, he plans to triple oil production in eight years…Of course, if you check the website of PDVSA it says 5.8 million by next year (Hat tip @garciabanchs) I guess the smoke comes from whatever they have been smoking…