Those bids for PVDSA shares in Petrojam has the smell of rotten fish .

There is something wrong with the bids that have come in for the sale of PDVSA 49% share holding in Petrojam.

First one company has made an offer for US$100M for the 49% stake being held by PDVDA, while offering the GOJ just US$55M for the GOJ 51% stake in Petrojam.

Next another company makes a US$55M bid for the shares held by PDVSA , this was a company owned by Paul Burke, who is a former General Secretary of the PNP.

The GOJ has reported that it has been in negotiations with PDVSA to acquire its 49% share holding, and after repeated overtures they don’t seem willing to conclude a deal.

What we have now learned is PDVSA is demanding a lot more than the GOJ is offering and appears to be have sent a counter offer close to the bid made by A&A Lime Hall .

It would appear to me that third parties who seem to have a monetary interest in Petrojam are attempting to frustrate the process and extort more from the GOJ than the GOJ is willing to pay Venezuela

So here is my thoery

  1. Make an offer to PDVSA which is substantially more that the GOJ is offering them.
  2. Hope the GOJ increase their bid to closer to that bid made by the third party
  3. If the GOJ increase their offer closer to that bid then hopefully the sale can be concluded
  4. Split the difference between the original offer and the final sale price
  5. Some people smile all the way to the bank.

If the GOJ goes the way of using legislation to take back the shares the dolly house mash up and no one ends up smiling all the way to the bank.

Is this really what is taking place.

It has better not be as if it is it would be the great great grand mother of all scandals.

The investigations continues .


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