www.vheadline.com Posted: Wednesday, March 19, 2003 By: Patrick J. O'Donoghue

5th Aragua Courts Judge Attaway Marcano has resigned from the case of the Llaguno Bridge pro-government shooters. According to sources at the Attorney General’s Office, Marcano opted out alleging personal problems with defense lawyers’ team chief Antonio Molina, which (he claims) could place his impartiality into question.

Richard Penalver, Rafael Cabrices and Nicolas Rivera's lawyers have asked for the process to be put on hold until the Appeals Court decides whether to throw out a sentence ordering a trial ... it has been learned El Universal photographer, Fernando Sanchez has been summonsed to court as a witness during the public and oral trial.

The opposition has monitoring the case’s progress and is taking it as a watershed of the government’s wavering or firm purpose to let justice take its course independent of pressure from either side of the spectrum.

www.vheadline.com Posted: Wednesday, March 19, 2003 By: PETROLEUMWORLD

1658 GMT [Dow Jones] Nymex Apr mogas trims losses after modestly bullish stocks reports from API and DOE. Analysts call the data neutral as war's impact on spring mogas demand remains uncertain. "The market is so nervous that it is overlooking the core fundamentals," says an analyst. Active crack- spread trading in Apr, May and Jun seen adding to volatility. Apr mogas dn 9 pts to 96.10 c/gal, May +34 pts to 95.70c; Jun +15 pts to 93.20c. Apr heating oil up 82 pts to 86.60c. (JMX)

1637 GMT [Dow Jones] Nymex Apr natural gas futures contract holding at top of 10c range ($5.28-$5.45/MMBtu). Locals seen bidding up price. Long-term fundamentals still bullish, with low storage, possible cold still around, said Gerry Saccente of ABN AMRO in NY. War with Iraq on periphery of market, "and we're blind to everything right now." Physical gas seen opening uncha to +1c to $5.34/MMBtu as consolidation continues in the market. Physical gas at Henry Hub running around $5.22/MMBtu. Gas in NE running around $5.70-$5.72/MMBtu as weather moderates. Apr at $5.42, +8.1c; May at $5.38, +6.0c.(JEE)

1634 GMT [Dow Jones] While still tight compared to year ago, US gasoline stks fell less than expected. Add to this less than stellar demand, a rise in imports to more than 1 mln bpd and relatively flat production levels. Gasoline inventories fell 900,000 bbl to 201.1 mln bbl, dn 15.1 mln bbl on the year. Expectations were for a decline of 1.5 mln bbl. Demand, at 8.6 mln bpd, fell from more than 9 mln bpd last week, and was 100,000 bpd lower than a year ago, EIA shows. The move shows a slow week mid-Mar, amplifying bearish impact of Feb's break in a trend of higher demand. Inventories on the West Coast, where Calif is now seeing avg price of $2.145/gal (up 65c on yr), rose 1.9 mln bbl to 30.5 mln bbl. (BWH)

1619 GMT [Dow Jones] Nymex April crude extends losses after inventory DOE/API reports showed a small and large build in crude stocks, respectively. Analysts say traders are discounting the reports in favor of the impending war with Iraq. "Everyone is jockeying in and out of the front-month and wondering where to go," said analyst Bill O'Grady with A.G. Edwards. Expiring April front-month crude contract seen contributing to volatility. April crude -72c at $30.95/bbl. (JMX)

1617 GMT [Dow Jones] New England daily power trades down with warmer weather seen easing electric demand. Deals are done from $55-$57/MWh, a trader at a merchant energy company says, off $6-$7 from Tue. (KAM)

1607 GMT [Dow Jones] The West Coast and Rockies were the exceptions in the US crude inventory rise of 400,000 bbl, EIA reports. Builds of 900,000 bbl on the East Coast, 2.3 mln bbl on the Gulf Coast, and 1.6 mln bbl in the Midwest offset a draw of 4.2 mln bbl on the West Coast and 200,000 bbl in the Rockies. Expectations for a build in US stks were much higher, 3 mln bbl. Imports rose sharply, 1.072 mln bpd, to 8.693 mln bpd. (BWH)

1600 GMT [Dow Jones] Nymex oil complex pares opening losses in response to EIA inventory statistics showing declines in gasoline, distillate stks (dn 900,000 bbl and 1.1 mln bbl, respectively). Smaller-than-expected build in crude stks (up 400,000 bbl) eases May crude losses, with contract now down 15 at $29.90/bbl. Apr crude off $1.17 at $30.50. Rise in refinery utilization (+1.0 pct pt) counters somewhat rise in crude imports (+1.072 mln bpd to 8.693 mln bpd) but distillate demand hefty at 4.526 mln bpd. Apr heating oil +32 pts at 86.10 c/gal; Apr gasoline -49 pts at 95.70c.(BWH)

1540 GMT [Dow Jones] Little immediate reaction from IPE Brent, gasoil mkts to DOE/API data which is deemed neutral to slightly bullish compared with expectations, says broker. Big discrepancy between API and DOE crude data is causing traders to look at PADD breakdowns carefully, may delay any potential upside, he says. API shows crude stocks up 5.144m bbls, with DOE showing a 0.4m bbl rise. (SMF)

1535 GMT [Dow Jones] N Sea crude mkt remains subdued Wed afternoon as participants watch developments in Iraq, traders say. Statoil, Norsk Hydro each have an Oseberg cargo for cross-month loading available. Differentials seen as follows: Oseberg at dtd +70c, Forties at +65c, Ekofisk at +55c, Statfjord at +$1.25 and Gullfaks at +1.30.(SJC)

1530 GMT [Dow Jones] Nymex Apr crude, expiring Thu, plunges at open, narrowing spread to May to less than $1/bbl. Contract is dn 97c at $30.70/bbl. Funds behind selling but locals jumping in, too. Traders appear still fixated on notion that war with Iraq will be quick and oil supply at least adequate, an analyst says. May contract is dn only 20c to $29.85/bbl. Expectations for build in EIA, API rpts weigh on prices. Apr tests support at $30.95; next support is $30.05.(BWH)

1456 GMT [Dow Jones] Nymex Apr natural gas seen opening unchanged to one cent higher, to $5.34/MMBtu in continued consolidation. Physical gas at Henry Hub starts day around $5.22, slightly above its Tue range. Gas in NE trades around $5.85-$6, inside its Tue range. Mkt looks ahead to Thu gas storage report and transition to spring with storage levels hovering at lows. (JEE)

www.vheadline.com Posted: Wednesday, March 19, 2003 By: Patrick J. O'Donoghue

President Chavez Frias says he will be open to allowing international observers monitor a recall referendum. Brazilian Foreign Minister, Celso Amorin broke the news after meeting Venezuelan Executive Vice President Jose Vicente Rangel in Brasilia.

In a short comment, Amorin welcomes the idea, which, he says, would be accepted by the six-nation 'Group of Friends' set up to seek a definite solution to Venezuela’s political crisis. Rangel, who is on a tour of Latin American countries, confirms that normalcy has returned to Venezuela after the crippling national stoppage which he describes as a coup attempt by terrorists. “The efforts of the Group of Friends could determine settling concrete aspects that would allow for a negotiated settlement.”

www.vheadline.com Posted: Wednesday, March 19, 2003 By: Patrick J. O'Donoghue

Auxiliary Bishop of Los Teques, Monsignor Eduardo Boza Masvidal has died at the age of 87. The Cuban prelate was expelled from his country a few years after the 1957 Revolution, accused of anti-revolutionary activities and creating a disturbance during a procession of Cuban religious patroness, Our Lady of Copper.

Boza Masvidal spent a year in Spain and Colombia before settling in Venezuela in 1962.

In Los Teques, he was appointed Vicar General of the diocese in 1969. Although the bishop was careful not to express political views openly, it is known that he helped to found the Cuban Union in Exile. He was known as a humble and devout person, free of bitterness and hatred and was able to return to Cuba twice for short visits.

According to the Bishop of Los Teques, Monsignor Ovidio Perez Morales, the prelate was concerned about the political situation in Venezuela and hoped that it would not turn into another Cuba. Maintaining strong links with Cuban exiles in Miami, Boza Masvidal had written frequently about the role of the Church in Venezuela's political crisis.

www.vheadline.com Posted: Wednesday, March 19, 2003 By: Patrick J. O'Donoghue

Two senior Venezuelan NGOs, Cesap and Fudep report that 70% of community groups have disappeared over the past three years and blame the situation on a spectacular hike in public insecurity in Caracas Metropolitan area barrio slums.

Fudep leader Mari Gloria Olivo says things are so bad that people have to leave meetings at 6:00 p.m. to avoid being mugged … “before we could leave the barrio at 10:00 pm.” Olivo says the cycle can only be broken, if jobs and food come along … “what we are seeing is a complete breakdown of social relations.“

Cesap president Santiago Martinez argues that the social emergency is running at a greater rhythm than the political debate, and suggests five themes that need to tackled urgently: maternity and child care, a return of home creche programs (cuidado diario), nutrition and basic food health, employment and under-employment introducing creative temporary solutions, education for all, and insecurity and violence (trained police, disarming of civilians and elimination of paramilitary groups).

One local NGO has criticized the government’s public subsidized markets because it has put small barrio storekeepers out of business. “The once promising PROAL barrio stores selling cheap basic foodstuffs are not getting supplies ... which instead are going to the public markets.“

Fudep has received funding from the US Agency for International Development (USAID) to organize workshops for community organizations called “participative diagnosis of the social situation."