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Venezuela

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Venezuela. Jeff C. Chang. Venezuela. Statistics Recent political development Social programs Trade unions Effect on Nationalization on FDI Hero or Villian. Venezuela. Statistics (as of end of 2005) Population: 26.5 million GDP: $140.2 billion

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Venezuela

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  1. Venezuela Jeff C. Chang

  2. Venezuela • Statistics • Recent political development • Social programs • Trade unions • Effect on Nationalization on FDI • Hero or Villian

  3. Venezuela • Statistics (as of end of 2005) • Population: 26.5 million • GDP: $140.2 billion • 80% of export revenue and 25% of GDP comes from crude oil • 67.6% of exports goes to U.S. and 32% of imports from U.S.

  4. Venezuela • Corporate Tax rate • 34% for non-oil companies and 50% for oil companies • 30% of oil royalty rate for oil extraction • 14% taxes on goods and services

  5. Venezuela • Recent political development • Minimum 51% state own entity on all oil extraction joint venture (Petroleos de Venezuela SA) • Raised royalties and taxes on the joint venture • Reduce drilling acreage • Seize oil field for those FDI companies that didn’t comply • Total, and Eni SpA

  6. Venezuela • Recent political development (cont.) • Selling of F-16 to Iran • Plan purchase of Russian jet fighters to replace F-16 • Just agreed to spend 2.7 billion on arms and additional funds to purchase replacement fighter jets • Voted twice to support Iran’s nuclear ambitions • Threaten to stop supplying U.S. with oil • Rewrote new documents to enable President Chavez to gain control of all branches of government and allow re-election more than two terms of six years.

  7. Venezuela • Recent political development (cont.) • Tightening international relationship with Bolivia • Encourage nationalization of Bolivia’s natural resources • Bolivia have South America’s second-biggest natural gas reserves • Pledge to provide 200,000 barrel of crude oil a month • Purchase 200,000 tons of soybean a year • 5,000 scholarships and 1,000 advanced intern ships to Bolivians to study in Venezuela • Help to develop a new iron-ore deposit in El Mutun

  8. Venezuela • Social Programs • National healthcare • 14 million now have access to national healthcare* • Education/Literacy program • 1 million children in poorest area of Venezuela received free education* • 1.2 million illiterate adults learns to read and write* • 250,000 children received secondary schooling – was excluded before due to social-economic condition* *Ambassador Bernardo Alvarez Herrera, Envoy to the U.S. washingtonpost.com January 18, 2006 Wednesday 12:00 PM

  9. Venezuela • Trade Unions • Union of South American Nations (Unasur) • Minersur • A joint Bolivian-Venezuelan mining venture • South Atlantic Treaty Organization • To rival NATO

  10. Venezuela • Effect of Nationalization of Industries on FDI • Surprisingly most foreign companies stayed • Discovery of Orinoco tar belt with potential of 270 billion barrels of reserves • Firms that didn’t stay • ExxonMobil – will be compensated for their investments

  11. Venezuela • Hero or Villian? • Hugo Chura, a Bolivian Official • “Previous governments here never cared about you, but the new President does. And he has friends like Fidel Castro and the Venezuelans who cares about you, too.”* • Election is in early July • Where President Morales’s approval rating is over 80%. Where he wants to elect new assembly to rewrite the constitution.* *Wall Street Journal, May 25th 2006 by Jose De Cordoba and David Luhnow

  12. Venezuela • Conclusion/Questions

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