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Headlines : CorporationsNicaragua freezes assets of U.S.-owned oil company
In a move that the U.S. embassy in Managua states “has the potential to seriously damage economic relations between the United States and Nicaragua” Daniel Ortega has slapped a $3 million tax bill on Exxon Mobil and embargoes a storage terminal in the port of Corinto used by the oil major.
In a similar episode last year, the Honduran government seized terminals used by Exxon and Chevron, a decision that was soon revoked under pressure from the U.S. government. In the Honduran case, the oil majors were accused of keeping fuel prices high and not completing promised infrastructure developments on time.
Nicaragua’s case is slightly different and is reminiscent of Vladimir Putin’s hard-ball strategy against the oil companies, making participation in future ventures conditional upon paying taxation that was avoided in the past. Without significant oil reserves though, Nicaragua is in a much more vulnerable position.
[Posted By Szamko]Republished from International Herald Tribune
Nicaragua’s vice president on Wednesday ordered U.S.-owned Esso Standard Oil to pay US$3 million (€2.2 million) in taxes on undeclared oil imports and a judge embargoed the company’s assets.
Jaime Morales Carazo said transnational companies are not exempt from paying taxes and sometimes “act arrogantly but later they become more reasonable.”
Texas-based ExxonMobil, which owns Esso Standard Oil, was not immediately available for comment. But Esso spokesman Alfredo Fernandez denied the company owes taxes, saying “by national law, the import of oil in Nicaragua is exempt from taxes.”
On Saturday, authorities embargoed Exxon Mobil Corp.‘s fuel-storage terminal in the port of Corinto because of the alleged tax debt.
Posted by Szamko
Just tries to tell the truth.
U.S. responds:
The U.S. ambassador insisted that the Nicaraguan government immediately return a storage terminal seized from a U.S. oil company, saying the takeover threatens foreign investment and is a ploy to promote Venezuelan petroleum products.
...Energy Minister Emilio Rappaccioli said Thursday that the federal customs agency authorized state-run Petroleos de Nicaragua, or Petronic, to use six of seven idle Esso tanks to store 120,000 barrels of oil imported from Venezuela.
Rappaccioli acknowledged that Petronic does not have the storage capacity for the oil and that it was costing a lot of money to have the Venezuelan oil tanker sit anchored offshore.
Ahah, cojones.
que despiche
la lucha esta en la calle
Let’s make a deal : let the US pay the damages awarded by the World Court for Ronnie’s little Contra War pendejada and we’ll settle the rest later.
What was it Danny? About $17 BILLION?
OOOH goody.another country throwing out a bunch of poncing , bloodsucking corporate vampires.
now they can spend money on social programes instead of giving it to a bunch of trans-national leeches.
oil corp. = chupacabra
poor old President Ortega.he must know the CIA terrorists will kill him for this.
believe you me, they’d have done it by now if they could. danny must have divine protection. he and fidel.
it’s called the ‘who gives a fuck about a dipshit dictator when we can use him for the wonderful PR!’ rider.