The Costs of Policy Uncertainty: Venezuela Edition

Michael Giberson

Maybe there is more to this story than “no company with the least respect for stockholders money would invest in Venezuela these days”, but that might be a sufficient explanation.  From Bloomberg:

Venezuela’s Mariscal Sucre project, which has estimated reserves of 14.7 trillion cubic feet of gas, has failed to attract private interest after the government invited firms to make offers last week.Offers were to be made on Friday until midnight.

The government this month improved the conditions it was offering companies to help develop the project, but in the end nobody came forward, private sector sources close to the process said on Monday.

(HT NewsWatch: Energy)