Once the Venezuelan press began writing about the intention of Chavez’ Government to place shares of part of PDVSA in the Hong Kong Stock Exchange via the sale of stakes in joint ventures to China’s Citic, as reported here and in Setty’s blog and Caracas Chronicles, the Government went into denial mode, having been caught rojo-rojito-handed with the fingers in the privatization till.
First, there was a curious Bloomberg story, in which a company official anonymously confirmed the story, but denied that this was strictly a privatization, “as shares will be offered in a holding company created to manage PDVSA’s stakes in the joint ventures and not in the state oil company itself”.
Jeez, these people really must think we are stupid,as the share of a company that just manages PDVSA’s stakes, can’t be worth as much as the stakes themselves. But, Mr. anonymous, pardon me, selling…
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