Venezuelan strong man and socialist dictator, Citgo Chavez said Thursday that his soldiers will accompany government officials when they assume control over several privately owned oil projects in the Orinoco River basin next month.

King Chavez, by way of official decree, has declared that Petroleos de Venezuela SA will take a minimum 60 percent stake in four heavy-oil projects in the Orinoco River region and, as a gesture of good will, has generously extended an invitation to the current ownership of those six companies to stay on as minority partners.

If any of you “big oil�? haters out there are keeping score at home, BP PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips, Total SA and Statoil ASA stand to take a $17 billion financial hit when taking into account their losses in investments and loans related to these projects.