Chad nationalizes oil industry

[lfromnj]

https://apnews.com/article/exxon-mobil-chad-oil-f41c34396fdff247ca947019f9eb3f62

Chad is nationalizing all assets from multinational oil giant Exxon Mobil, including its hydrocarbon and exploration permits, said the government.

″The finance and budget minister must make sure the said decree is implemented from the date of its publishing,” said Haliki Choua Mahamat the government’s general secretary on state media.

The nationalization of a private company means that all assets are now owned by the government. While this used to happen in the 1960s and 1970s, it hasn’t happened recently and doesn’t conform to usual legal frameworks in the sector, say energy experts.

[It’s so Joever]

Oh that’s gonna go very well.

[ingemann]

Oh that’s gonna go very well.

It could be worse, it could be a French company. Chad is in an area Washington see as French zone of interest, so I expect that USA will mostly ignore this. If it had been a French company we could expect a coup or civil war inside the next year.

In general these kind of nationalization are usually bad news, because it keep companies from investing in a country, but as no one sane invested in Chad, it will make little difference.

[CumbrianLefty]

So this isn't a virgin move, then?

(sorry not sorry)

[President Punxsutawney Phil]

So this isn't a virgin move, then?

(sorry not sorry)

Well done. I un-recommended this just so that I could recommend it twice.

[Meclazine for Israel]

So this isn't a virgin move, then?

O.M.G. you promised us your jokes would be funny in 2023.

[Stand With Israel. Crush Hamas]

Yeah, this is little more than a signal to pull investments out of the country.

[Zinneke]

My favorite thing about Chad is that they use Windows 8 more than any other OS.

[Damocles]

The Virgin Exxon Mobil vs. THE REPUBLIC OF CHAD

[All Along The Watchtower]

Good.

[Dr. MB]

S-TD

[buritobr]

But Virginia didn't