 |
|
Posted on Jan. 17, 2007
By Michael J. Economides, Anibal Martínez, and Silvia Puky
The History of PDVSA and Venezuela
The fortunes of the world’s most important petro-states rise and fall along with the successes or failures of their state oil companies. Whether it’s Saudi Arabia and Aramco, Kuwait and the Kuwait Petroleum Company, or Russia and Gazprom, the state gets its power from the company – and vice-versa. Nowhere is this more evident than in Venezuela, where a newly re-elected Hugo Chávez has made Petróleos de Venezuela S.A. (PDVSA) the epicenter of his power. For Chávez, PDVSA’s oil, its jobs, and the huge revenues it generates are not mere mercantile issues. They are to be used for the benefit of the country and for “future generations.” The issue extends far beyond the economy. How PDVSA is run reflects the philosophy of the country and its government. The results are linked directly with the country’s self-perception. PDVSA’s oil production is indeed the lifeblood of the country. How did PDVSA end up in this position, and what were its important evolutionary milestones? We address those questions in this article. The Beginning Venezuela began producing oil in 1878 from a small field near Lake Maracaibo. But the first commercial production did not start until 1914, when the Zumaque well was discovered at the Mene Grande field on the eastern edge of Lake Maracaibo. In 1922, another big well erupted, the Los Barrosos-2 (near Cabimas, 50 kilometers southeast of Maracaibo), signaling the existence of huge resources in the region. By World War II the development of the Venezuelan oil industry had evolved to the point that the country was the world’s largest exporter. The country’s oil became a key element of the Allies’ war effort. During the war, Venezuela passed the Hydrocarbons Law of 1943. This guaranteed the government a notably higher participation in the business, including an increase in domestic refining, and a 16.6 percent royalty in exchange for allowing the world’s biggest oil companies access to Venezuela’s vast reserves for an additional 40 years. The golden era of Venezuelan exploration ensued. During 1947-60, some 197 new fields were discovered. Production surged from 800,000 barrels per day in 1944 to 3.2 million barrels by 1960. Five new refineries and a gas pipeline to the country’s capital began operating. Whether democracy or dictatorship ruled the day, the petroleum business was focused on the earnings produced by the subsoil. Profit sharing with the government could be 50-50, or even more. The application of the new oil policy’s guiding principles began – most prominently, the strengthening of prices and the “Venezolanization” of upper management. In 1960 the state company Corporación Venezolana del Petróleo (CVP) was established. But the company never flourished because it had little support from the government. It could never become the longed-for headquarters of Venezuelan oil and after 18 years it turned into Corpoven. OPEC and Nationalization Venezuela solidified its position on the world’s stage by helping to launch the Organization of the Petroleum Exporting Countries. During Gamal Abdel Nasser’s time, Juan Pablo Pérez Alfonso, with the help of Saudi Arabia’s Abdullah Tariki and Abdala Dariguiand, and Iraq’s Mohamed Salman, helped to create OPEC. The debate over whether to continue its membership or exit from the organization has always been discussed within the nation. Regarding OPEC, the most contentious point in Venezuela, as well as within the cartel, has been the portion of the international market sacrificed as a consequence of the member states’ production allocation, established at the 1965 Tripoli Conference. This quota system continues to be the mechanism by which OPEC exerts its influence. About the same time that OPEC was getting its start, Venezuela became a democracy. In 1958, after decades of political intrigue, the Venezuelan military finally withdrew from national politics. Quality of life improved significantly and the nation flourished. But by the end of the 1970s, a fast, uncontrollable deterioration of the system had begun, and the political-partisan model wore out without any serious attempt to restore the people’s confidence. The oil industry was nationalized in 1974 with the participation of all sectors, including political parties and universities, with the idea that the industry should be autonomous. The law included strong paybacks for the concessionaries and the possibility of joint ventures with private companies. The original company structure remained the same. All private concessionaries changed their names. They were independent and competed against each other, but PDVSA was the umbrella company. In the mid 1970s, two key events occurred: the Reserve Act (for the commercialization of hydrocarbons for the state) was passed and PDVSA was created. The Reserve Act defined the amount of indemnity for the expropriation of concessionaries, considering it the net value of their properties, plants, and equipment: the purchase value, less the cumulative amount of depreciation and amortization. In retrospect what remains clear about the Reserve Act is that, as with the Hydrocarbons Law of 1943, the whole scenario had been decided in advance. The concessionaries were satisfied with the expropriation because the Reserve Act was quite generous, and PDVSA gave them contracts for their help in trading and technological support. After a difficult beginning, PDVSA grew dramatically. Two and a half decades after it was created, its proven oil reserves had increased by 420 percent and its natural gas reserves by 360 percent. In the Orinoco Belt, contingent reserves and resources totaled some 250 billion barrels of crude oil and 14.3 billion tons of natural bitumen. The company’s equity increased to 8 trillion Bolivars. PDVSA’s subsidiary Intevep became a first-class research center with hundreds of patents for instruments, substances, and equipment developed or transformed in its laboratories, and used domestically and worldwide. Internationalization began in 1983 and grew quickly. In 1991 at the request of the Ministry of Energy and Mines, PDVSA launched the Apertura (the opening), which allowed the company to form operating agreements for the reactivation of marginal fields. It also allowed the creation of petrochemical ventures: since 1987 that has resulted in the construction of 13 new plants. Other deals include the operation of modern tankers such as Lakemax, the extraction of Paso Diablo bituminous coal in the state of Zulia, the issuance of petroleum bonds, and a number of strategic associations to develop the huge reserves of heavy oil in the Orinoco Belt. Orimulsion, an exclusively Venezuelan fluid using an upgrade of Orinoco heavy oil, was developed in 1986 and export of the new fuel began five years later. By 1999, PDVSA held ownership stakes in refineries in Germany, Belgium, the United Kingdom, Sweden, and the United States. And those overseas refineries were processing as much crude as the company’s domestic plants. The 13,000 gas stations belonging to Citgo’s network in the U.S. represented more than 10 percent of that domestic market. Asphalt refined in Venezuela controlled European and North American markets. The Chávez Era
Retired lieutenant colonel Hugo Chávez – who won the presidential election in 1998 based on a populist, anti-neoliberal program of unequivocal alliances with governments disliked by the West – took power without any real opposition from the political establishment. With uncommon rapidity, the regime called a constitutional assembly followed by a unicameral parliament, imposing the election of pro-government individuals in the national powers, the Supreme Tribunal, People’s Ombudsman, and the General Comptroller’s Office.The Organic Law of Hydrocarbons of 2001 widened the possibility for the private sector to participate in all oil industry activities, but allowed only some minor reductions in the royalty (fixed at 30 percent) and refused to change the requirement that the government control more than 50 percent of stock capital in newly formed joint ventures. By its third year, the Chávez government had lost a large part of its initial spontaneous popular support. On December 2, 2002, a strike broke out in opposition to the government. Chávez took advantage of the situation to begin preconceived, programmatic government actions in order to obtain total control over PDVSA, which was to be managed “by the people and for the people.” Chávez granted his hand-picked company president extraordinary powers through which he alone could manage the company. The same day, a mass layoff of upper and middle staff managers and workers began. The government fired more than 20,000 PDVSA employees, a move that led to a drastic decrease in production. The Venezuelan military tried to help stem losses by moving the oil tankers, but the use of uncertified crews resulted in loss of international insurance coverage. Intesa, the company in charge of technological services, joined the strike and stopped supporting the contingency plan. Exports dropped to just 12 percent of their normal volume. For the first time in 80 years, the Venezuelan oil industry invoked force majeure to justify noncompliance with contracts. Two months after the strike began, there were still no indications that a reasonable, fair, and balanced solution would appear in the near future. The losses due to the cessation of activities for the 10 largest transnational companies operating in the country were estimated at $300 million. PDVSA’s contractors were told that they were prohibited from hiring former PDVSA employees, who were classified by the government as saboteurs and coupsters. As part of a series of actions that the government undertook against the ex-PDVSA employees, many were evicted from their homes and their children were barred from attending school.
One of the worst decisions made by the new PDVSA management was to halt production growth of natural bitumen for Orimulsion, originally estimated to reach 25 million metric tons in 2006.The Integral Cooperation Agreement with Cuba caused more controversy. The crude oil and products supply delivered to Cuban ports under preposterously low sale conditions amount to 25 million cubic meters per year. By the end of 2003, Cuba owed Venezuela almost $1 billion for received crude shipments. Chávez expected PDVSA to finance a large part of the Bolivarian government agenda and the new social plans called “missions.” In January 2004, the Central Bank authorized PDVSA’s request to form a trust, in the range of $1 or $2 billion, for infrastructure, the agricultural sector, and the missions. Thirty percent of the budget for the state oil company’s investments was destined to fulfill the ideal of democratizing the oil riches. While Chávez talks about using Venezuela’s wealth to help the poor, he’s made PDVSA’s production and financial information the equivalent of state secrets. Indeed, there is virtually no transparency. For instance, on November 17, 2006, the company finally filed its annual report with the Securities and Exchange Commission (SEC) – for the year 2004. The company claims high production numbers, but allows no audits. Independent analysts in Venezuela put PDVSA’s production at 2.57 million barrels per day while PDVSA claims it produces 3.2 million. Worse yet, the company’s financials don’t add up. In 2005, according to estimates compiled by the former director of the Central Bank of Venezuela, economist José Guerra, the company’s earnings totaled $32.5 billion and expenditures were $29 billion. But there are no explanations for the missing $3.5 billion. Nevertheless, amid all the questions about Venezuela’s most important company, on December 3, 2006, Chávez was re-elected by a landslide for a new six-year term.
|
|
|
Back Home
Back to Top
|
 |
| Add a Comment: |
You must be a member to post comments. Please click here to sign up
|
| Article Comments: |
Be the first to comment. |
|
|
|
|
Corn and Coal: The Cornerstones of Obama...
By Robert Bryce
Feb. 5 2010, 5:47 EST
|
US Biodiesel: The Never-ending Subsidy S...
By Russ Finley
Feb. 3 2010, 4:17 EST
|
China And The “Deniers”: Why Climate Cha...
By Michael Economides, ET editor in chief, and Xina Xie, ET China correspondent
Feb. 2 2010, 11:41 EST
|
Obama’s “Clean Energy” Pandering: His St...
By Robert Bryce
Jan. 29 2010, 4:10 EST
|
Married to Mendacity: Growth Energy Cont...
By Robert Bryce
Jan. 27 2010, 4:27 EST
|
Chinese Coal Prices Soar, Power Producer...
By Xina Xie
Jan. 25 2010, 11:43 EST
|
White House Needs New Look At Energy
By Michael J. Economides, Editor-in-Chief
Jan. 22 2010, 12:49 EST
|
Bryce v. Pickens Tonight on Fox Business...
By Robert Bryce
Jan. 21 2010, 2:36 EST
|
America’s Future Auto Fleet: Electric Ca...
By G. Allen Brooks
Jan. 20 2010, 12:30 EST
|
2009 US Petroleum Trends
By Geoffrey Styles
Jan. 19 2010, 12:50 EST
|
Robert Bryce Talks With Author Mark West...
By Robert Bryce
Jan. 15 2010, 10:38 EST
|
China Pushes for Coal Gasification
By Xina Xie
Jan. 14 2010, 12:01 EST
|
|
|
|
US Coal Industry Balks at Proposal for H...
By Steel Guru
Feb. 8 2010, 12:59 EST
|
BP Shareholders Protest Canadian Oil San...
By Fred Pals
Feb. 8 2010, 12:51 EST
|
US Seeks Access to Nuclear Program of Pa...
By The News
Feb. 8 2010, 12:49 EST
|
Ukraine Says No Gas War with Russia
By RIA Novosti
Feb. 8 2010, 12:45 EST
|
Iran Discovers New Oil, Gas Fields
By Tehran Times
Feb. 8 2010, 12:25 EST
|
Arctic Sea Ice Vanishing Faster Than Mod...
By Bruce Owen
Feb. 8 2010, 12:16 EST
|
Fear and Farce of Climate Change Science
By Eric Reguly
Feb. 8 2010, 12:07 EST
|
Beyond the Black Stuff: Big Oil is Being...
The Economist
Feb. 5 2010, 11:37 EST
|
Energy Flow, Emergent Complexity, and Co...
By George Mobus
Feb. 5 2010, 11:27 EST
|
High Hopes for Clean Energy Jobs
By Rebecca Smith
Feb. 5 2010, 11:22 EST
|
Improved Lithium Ion Batteries
By Adam Frucci
Feb. 5 2010, 11:09 EST
|
Shell to Sell Oil Leases in Nigeria
By Elisha Bala Gbogbo
Feb. 5 2010, 11:02 EST
|
|
|
|
Home Owners in Barnett Shale Lease Dilem...
By Jack Smith
Feb. 8 2010, 12:19 EST
|
5 Dead in Gas Plant Explosion
By Michelle McLaughlin
Feb. 8 2010, 12:10 EST
|
Gas Sites Spur Air Worries
By Ben Casselman
Feb. 5 2010, 11:39 EST
|
Oil, Gas Output Rise in Colorado
By KRDO
Feb. 5 2010, 11:20 EST
|
Comparison of US Plans to Cap Carbon
By Timothy Gardner
Feb. 5 2010, 11:12 EST
|
Fed Doubts Energy States will Recover Fi...
By Stephen C. Fehr
Feb. 5 2010, 10:50 EST
|
Congress Ups Debt Limit, Then Votes to C...
By David Lightman
Feb. 5 2010, 10:41 EST
|
EPA’s New Biofuel Rules
By Geoffrey Styles
Feb. 4 2010, 4:40 EST
|
Obama Touts His Alternative Fuels Plan
By John Broder
Feb. 4 2010, 10:49 EST
|
Argentina Protests Over Oil Prospecting
By Sunday Morning Herald
Feb. 3 2010, 11:25 EST
|
Oil and Trucking Industries Challenge Ca...
By Dale Kasler
Feb. 3 2010, 11:12 EST
|
We Can’t Fight Two Wars at Once
By Alex Spillius
Feb. 3 2010, 10:50 EST
|
|
|
|
Italy’s Nuclear Plans At Risk
By Israel Rafalovich, ET Roving European Correspondent
Feb. 4 2010, 5:48 EST
|
U.K. Eyes Energy Reforms
By Selina Williams
Feb. 3 2010, 11:19 EST
|
BP Profits Slide on US Refineries
By Robin Pagnamenta
Feb. 3 2010, 11:03 EST
|
Jordan Wants Nuclear Power, Signs Agreem...
By Israel Rafalovich, ET Roving European Correspondent
Feb. 2 2010, 1:15 EST
|
Demand for Natural Gas to Rise
By The Peninsula
Feb. 2 2010, 11:27 EST
|
Gazprom to Extend Polish Contract on Eur...
By Tehran Times
Feb. 1 2010, 11:56 EST
|
BP Chief Hails American Breakthrough in ...
By Terry Macalister
Jan. 29 2010, 11:29 EST
|
Karzai: UK Troops Needed for 15 Years
By Ben Farmer
Jan. 28 2010, 10:56 EST
|
Science Chief Calls for Honesty on Clima...
By Ben Webster
Jan. 27 2010, 10:55 EST
|
European Offshore Wind Capacity up to 57...
By New Energy Focus
Jan. 19 2010, 10:41 EST
|
Preserve Coal Plants to Keep Lights On
By Tim Webb
Jan. 19 2010, 10:35 EST
|
France Cuts, Germany Debates Solar
By UPI
Jan. 15 2010, 11:14 EST
|
|
|
|
Russia, Venezuela Step Up Oil Cooperatio...
By Mu Xuequan
Feb. 1 2010, 11:28 EST
|
Belarus, Russia End Oil Supply Row
By Jacob Gronholt Pedersen
Jan. 28 2010, 11:12 EST
|
Gazprom to Increase Gas Supplies to Euro...
By RIA Novosti
Jan. 27 2010, 11:08 EST
|
BP Offers Technology, Expertise to Devel...
By RIA Novosti
Jan. 22 2010, 2:06 EST
|
Poland to Deploy U.S. Missiles Near Russ...
By Judy Dempsey
Jan. 22 2010, 12:46 EST
|
Ukraine Should Join Nord Stream Gas Proj...
By RIA Novosti
Jan. 19 2010, 10:50 EST
|
U.S. Dethroning Russia as Gas King
By Anatoly Medetsky
Jan. 14 2010, 10:57 EST
|
Turkey Approves Russian Gas Pipeline
By CCTV
Jan. 14 2010, 10:53 EST
|
Turkmenistan Resumes Gas Supplies to Ru...
By China View
Jan. 11 2010, 2:15 EST
|
Russia, Belarus End Oil Supply Talks Wit...
By China View
Jan. 11 2010, 2:11 EST
|
Venezuela, Russia May Develop More Orino...
By Jose Orozco
Jan. 4 2010, 10:46 EST
|
Russian Seaborne Crude Oil Exports Sched...
By Alexander Kwiatkowski
Dec. 30 2009, 10:59 EST
|
|
|
|
Gas Transfer to Europe Key in Turkey, Ir...
By Today’s Zaman
Feb. 8 2010, 12:55 EST
|
Iran, Pakistan to Ink Gas Deal in Turkey
By Tehran Times
Feb. 8 2010, 12:42 EST
|
Iraqi Officials Lament Failure To Refine...
By Radio Free Europe
Feb. 4 2010, 11:50 EST
|
Gas Transfer to Europe Key in Turkey, Ir...
By Today’s Zaman
Feb. 4 2010, 11:44 EST
|
Afghan Fight is Coming
By Rod Nordland
Feb. 4 2010, 11:18 EST
|
Oil Majors Move in on Iraq
By Oil Voice
Feb. 4 2010, 11:12 EST
|
Dubai Discovers New Oil Field
By Adam Schreck
Feb. 4 2010, 10:53 EST
|
Oil Demand Recovery Underway
By Trading Room
Feb. 2 2010, 11:25 EST
|
Saudis Want Taliban to Expel Bin Laden
By Abdullah Al Shihri
Feb. 2 2010, 11:01 EST
|
Iran Plans To End Energy Subsidies
By Andres Cala, European correspondent
Feb. 1 2010, 12:36 EST
|
Bulgaria and Turkey Agree on Natural Gas...
By Reuters
Feb. 1 2010, 11:54 EST
|
Lukoil to Develop Iraq Supergiant Oil Fi...
By Peoples Daily
Feb. 1 2010, 11:44 EST
|
|
|
|
China may Renew Record for Crude Oil Imp...
By China Post
Feb. 5 2010, 10:57 EST
|
China’s Oil Giants to Develop Iraq Oil F...
By People’s Daily
Jan. 28 2010, 11:21 EST
|
As China Rises, Conflict With West Rises...
By Katrin Benhold
Jan. 27 2010, 10:31 EST
|
China’s Oil Imports Continued Upward Cli...
Michael J. Economides, editor-in-chief, and Xina Xie, China editor
Jan. 26 2010, 10:41 EST
|
Sino-Kazak Pipeline Transports 20 mln to...
By Istock Analyst
Jan. 25 2010, 11:14 EST
|
China’s Economy is Soaring
By Zhou Xin and Chris Buckley
Jan. 21 2010, 10:53 EST
|
China’s US Purchases Up 300% in 2009
By Vincent Fernando
Jan. 19 2010, 10:16 EST
|
China Completes 1st Phase of Oil Reserve...
By China Daily
Jan. 18 2010, 10:57 EST
|
China Will Drive Future Car Demand
By NPR
Jan. 12 2010, 10:21 EST
|
Cold Snap Triggers Power Shortage in Chi...
By AFP
Jan. 11 2010, 2:36 EST
|
Oil Falls on Concern Investment May Slow...
By Ann Koh
Jan. 8 2010, 11:33 EST
|
Cold Snap Spurs Power Rationing in China
By Chris Buckley
Jan. 6 2010, 3:47 EST
|
|
|
|
Chevron Finds Natural Gas Off Australia
By Anna Driver
Jan. 27 2010, 11:11 EST
|
Another Gorgon Deal to Supply LNG
By ABC News
Jan. 8 2010, 11:42 EST
|
Australian $90 Billion Gas Megadeal with...
By Felicity Williams
Jan. 7 2010, 2:22 EST
|
Chevron Finds More Gas Off Western Austr...
By The Sunday Morning Herald
Dec. 15 2009, 10:32 EST
|
New Zealand on Verge of Oil Boom
By Oil Voice
Nov. 24 2009, 4:01 EST
|
Apache, Kuwait Join Chevron In Wheatston...
By Angel Gonzalez
Oct. 23 2009, 11:45 EST
|
Chevron Pushes Forward On Gorgon
By Geoffrey Styles
Sep. 21 2009, 10:08 EST
|
The Ghost Fleet of the Recession
By Simon Parry
Sep. 14 2009, 11:52 EST
|
Australian Parliament Rejects Carbon Tra...
By Reuters Staff
Aug. 13 2009, 10:43 EST
|
North Korea ''Test Fires Missiles''
By BBC Staff
Jul. 2 2009, 11:14 EST
|
North Koreans Condemn U.S. and Sanctions...
By CHOE SANG-HUN
Jun. 26 2009, 12:36 EST
|
Wind Turbines Killing Sleep Deprived Goa...
By Telegraph Staff
May. 22 2009, 11:08 EST
|
|
|
|
India Suggests Deregulating Gasoline, Di...
By Sunil Raghu
Feb. 3 2010, 11:23 EST
|
African Oil Fields on India Radar
By The Financial Express
Dec. 9 2009, 4:35 EST
|
Bangladesh to Revive Debate Over Myanmar...
By Pipelines International
Nov. 13 2009, 11:46 EST
|
RIL Discovers Oil in Cambay Basin
By Business Standard
Nov. 10 2009, 2:38 EST
|
India, Scotland Join Hands On Renewable ...
By EE Times India
Oct. 16 2009, 11:48 EST
|
Indian Subcontinent Weighs Nuclear
By Priyanka Bhardwaj and Michael J. Economides
Oct. 8 2009, 11:59 EST
|
Cameco Upbeat on Canada-India Nuclear De...
By Cameron French
Oct. 2 2009, 12:13 EST
|
Reliance Natural Seeks Dismissal of Gove...
By P.S. Patnaik and Gaurav Singh
Sep. 18 2009, 11:05 EST
|
Tangguh Plant To Ship Less LNG
By The Jarkata Post
Sep. 4 2009, 12:05 EST
|
Repsol Natural Gas Lot Production To Sta...
By Reuters
Aug. 28 2009, 11:52 EST
|
India’s Coal Needs Fuel Overseas Push
By Priyanka Bhardwaj
May. 28 2009, 4:25 EST
|
India Chooses Coal, Not Kyoto
By Priyanka Bhardwaj and Robert Bryce
May. 11 2009, 12:39 EST
|
|
|
|
India Draws Strategy in African Oil Asse...
By The Hindu
Feb. 8 2010, 12:40 EST
|
Nigerian Militants Claim Attack on Pipel...
By Seattle Times
Feb. 8 2010, 12:13 EST
|
Angola Oil Pipeline Attacked, by Swordfi...
By Matthew Clark
Feb. 4 2010, 12:29 EST
|
Nigeria’s Oil Pipeline Sabotaged
By BBC
Feb. 1 2010, 11:05 EST
|
Nigerian Militants Call off Oil Truce
By Scott Baldauf
Feb. 1 2010, 11:02 EST
|
Nigeria, UAE Supplies put OPEC Crude Pro...
By Iheanyi Nwachukwu
Jan. 27 2010, 11:05 EST
|
Nigeria Hopes to Fulfill Oil Contracts S...
By Reuters
Jan. 26 2010, 12:05 EST
|
Uganda to Block British Oil Bid
By AFP
Jan. 22 2010, 2:00 EST
|
Two Million Nigerian Vehicles to Run on ...
By Guardian Newspapers
Jan. 20 2010, 11:36 EST
|
Pirates Free Oil Tanker After Record Ran...
By Abdi Guled and Abdi Sheikh
Jan. 19 2010, 10:14 EST
|
Dana Gas Finds Oil in Egypt
By Ed Attwood
Jan. 12 2010, 10:45 EST
|
Sudan Seeks to Buy Natural Gas from Egyp...
By Sudan Tribune
Jan. 11 2010, 2:27 EST
|
|
|
|
Iran Plans 10 New Enrichment Plants
By Washington Post
Feb. 8 2010, 12:02 EST
|
Obama’s Nuclear Power Policy
By Mark Clayton
Feb. 5 2010, 11:16 EST
|
Iran Accepts West’s Nuclear Deal
By BBC
Feb. 3 2010, 11:09 EST
|
Iran Urges Islamic States to Possess Nuc...
By People’s Daily
Feb. 2 2010, 11:44 EST
|
US, Russia Near Deal on Nuclear Weapons
By Jonathan S. Landay
Feb. 2 2010, 11:06 EST
|
Italy Seeks Arab Role on Nuclear Row
By The International News
Jan. 26 2010, 12:21 EST
|
Russia Warns Against Rushing to Iran San...
By Reuters
Jan. 22 2010, 12:27 EST
|
U.S., Russia Never so Close on Iran Nucl...
By Mu Xuequan
Jan. 21 2010, 11:20 EST
|
India, Hungary Hold Talks on Civil Nucle...
By Sachin Parashar
Jan. 20 2010, 11:44 EST
|
Iran Rejects Nuclear Fuel Deal
By BBC
Jan. 20 2010, 11:09 EST
|
German Minister Tough in Nuclear Talks
By Reuters
Jan. 18 2010, 11:26 EST
|
Ahmadinejad Hails Iran’s Nuclear Progres...
By RIA Novosti
Jan. 15 2010, 11:24 EST
|
|
|
|
Bid to Develop Oil Sector in Libya Gathe...
Feb. 8 2010, 1:00 EST
|
Japanese firm to delay start of Egypt oi...
Feb. 8 2010, 1:00 EST
|
Wintry Weather Drives Energy Prices High...
Feb. 8 2010, 1:00 EST
|
Arab states may become solar energy expo...
Feb. 8 2010, 1:00 EST
|
US average gasoline price in four week s...
Feb. 8 2010, 1:00 EST
|
Indonesia considering slowdown in coal e...
Feb. 8 2010, 1:00 EST
|
China to increase LNG import
Feb. 8 2010, 1:00 EST
|
Cnooc Falls After Report of Possible Uga...
Feb. 8 2010, 1:00 EST
|
Climategate Scientist Considered Suicide
Feb. 8 2010, 1:00 EST
|
Biofuel Production Falls Far Short of Ta...
Feb. 5 2010, 1:00 EST
|
How Nigeria is sabotaging the global oil...
Feb. 5 2010, 1:00 EST
|
Europe Gasoline falls as economy concern...
Feb. 5 2010, 1:00 EST
|
|
|
|
|
|
|