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ENERGY IN NICARAGUA; REDEFINING PRIVATE PROPERTY IN 21ST CENTURY SOCIALISM.

Publication: NotiCen: Central American & Caribbean Affairs
Publication Date: 13-SEP-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Nicaragua's deal to reduce its crippling foreign-oil expenditures by taking advantage of Venezuelan imports on favorable terms hit a snag--a lack of facilities to store the oil. The government resorted to a short-term solution; it seized tanks belonging to ESSO Standard Oil (ESSO) and leased them to the state-run oil company PETRONIC. The resulting hue and cry was as deafening as it was predictable.

The seizure of the property was not completely without legal justification. It began with Nicaragua's Vice President Jaime Morales Carazo ordering the US-owned company to pay US$3 million in taxes on undeclared oil imports and the subsequent embargoing of company assets.

Texas based ExxonMobil, ESSO's parent company, did not respond from corporate headquarters,...

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