Nicaragua Plans to
Nationalize Oil Imports
In a significant move
Nicaraguan president
Daniel Ortega has
instructed his cabinet
to come up with a plan
to nationalize the
importation of oil, a
responsibility now
largely held by the
U.S.-owned Esso Standard
Oil.
The decision stemmed
from a dispute with Esso,
owned by Texas-based
ExxonMobil Corp. Ortega
said the company wasn't
cooperating in meetings
to solve the country's
energy shortages and
rolling blackouts.
In January, Ortega
signed an agreement to
buy 10 million barrels
of Venezuelan crude, but
rumors persist that Esso
has refused to refine
it.
Ortega added that the
shortages were a matter
of national security,
and the country are
arriving at a critical
point.
However Esso said it
wasn’t aware of Ortega's
nationalization plan,
and the company was
waiting for more
details.
Since his return to
office in January, he
has maintained relations
with the U.S. and
promised to protect
private property and
foreign investment,
while also cozying up to
one of the most
outspoken critics of the
U.S., Venezuelan
President Hugo Chavez. |
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