Gas and Oil Nationalization: Two Important New Briefing Papers from The Democracy Center
The popular demand for gas and oil nationalization is a long-standing one in Bolivia, and has been at the forefront of national politics for three years. On May 1, 2006 Bolivian President Evo Morales issued an historic executive decree declaring the "nationalization" of Bolivia's oil and gas reserves.
The Democracy Center is dedicated to providing its readers with up to date and accurate analysis of this issue as it unfolds. For the past few weeks we have been working on two important briefing papers on the decree that are now posted on our Web site.
The first is a briefing paper on the decree and what it actually means in terms of concrete policy. That brief was written by Gretchen Gordon, a gas and oil researcher with The Democracy Center. Here is the link to the paper.
The second briefing paper is a review of some of the foreign media coverage of the gas decree, written by the other half of The Democracy Center's gas and oil research team, Aaron Luoma. Here is the link to that paper.
In general, we think our readers will find that there has been a good deal of misinterpretation of the decree, with it being looked at as being far more radical that it actually is upon examination. For those interested in this issue, we encourage you to look at these papers and share the links with others following it. We hope that you find both papers valuable and look forward to your feedback and opinions.
The Democracy Center is dedicated to providing its readers with up to date and accurate analysis of this issue as it unfolds. For the past few weeks we have been working on two important briefing papers on the decree that are now posted on our Web site.
The first is a briefing paper on the decree and what it actually means in terms of concrete policy. That brief was written by Gretchen Gordon, a gas and oil researcher with The Democracy Center. Here is the link to the paper.
The second briefing paper is a review of some of the foreign media coverage of the gas decree, written by the other half of The Democracy Center's gas and oil research team, Aaron Luoma. Here is the link to that paper.
In general, we think our readers will find that there has been a good deal of misinterpretation of the decree, with it being looked at as being far more radical that it actually is upon examination. For those interested in this issue, we encourage you to look at these papers and share the links with others following it. We hope that you find both papers valuable and look forward to your feedback and opinions.
posted by The Democracy Center at 11:40 AM
60 Comments:
Well gollee gee! Those silly misguided energy companies! Nationalization ain't nuthin' to worry about! Wonder why they aren't pouring more investment cash into this Evo "improvement" in the matter?
It must be the media.
The tail end of the first report says that investors should not worry because Bolivia has lots of abundant natgas resources that are easy to extract. But that begs the question. What's the point of extracting if a profit cannot be made? Energy companies are going to the Arctic Circle and the tar sands of Canada to extract, so how hard it is is not much of a factor for them. A favorable investment climate, where contracts actually mean something, tends to be more important.
What I love (/s) about this report is how the person who wrote it claimed that natgas companies can still make plenty of money, just not the exorbitant profits of the current day. Says who? Since when have controlled prices or controlled profits ever worked? Why should the person writing this paper set the prices or tell companies what is 'adequate' for energy companies' needs? (without dollar-amount specifics, just that vague stuff about earning 'enough.') Particularly since the writer (I don't even need to ask) has no experience running an energy company.
Is the writer of the paper even dimly aware of the long investment cycle inherent in any capital intensive energy industry? Oil at $70 a barrel can easily tumble to $9 a barrel any time, but fixed costs and investment costs remain constant. Same deal with natgas. Oil companies' average profits over decade-long periods are only about 4%-7%, and underperform those of the drug industry, the banking sector and other more profitable enterprises.
Long term, energy companies are not that profitable, despite what you might see in one or two quarters when commodity prices rise.
Personally, I would prefer to watch the energy companies' behavior for clues as to whether they can make a profit on the Evo plan or not. Right now, they don't seem to be as optimistic, chirpy, uncritical and pollyannish about it as the writer of the first paper. For some reason, they just don't seem to want to invest in Bolivia these days. Wonder why.
WOW! How one-sided and dogmatic can you guys be Jim? At least give some pretense of objectivity or scholarly rigor in reaching your conclusions.
Jeez, start with the fact that the paper side-steps the issue of the pensions. Repeating the tired mantra of the 18% roytalty, without including the general corporate tax, a tax on financial transactions - for funds sent abroad, and lastly there was a special surtax on profits.
And as pointed out already, a complete lack of understanding of the investments necessary to maintain production.
I went back through my blog and in about 15 minutes found the following posts that referred to the gas issue:
On whether the provisions of the decree were i. consistent with the law passed by congress ii. consistent with the questions submitted to the public and iii. constitutional.
http://bolicarreras.blogspot.com/2006/05/bolivia-is-nationalization-decree.html
on the consequences for the pensions system
http://bolicarreras.blogspot.com/2006/05/bolivia-did-evo-mas-loot-bolivias-old.html
On the pipeline project, citing sources
http://bolicarreras.blogspot.com/2005/05/bolivia-and-brazil-pipeline-and.html
lowering of investments.
http://bolicarreras.blogspot.com/2005/07/bolivia-gas-reserves-decrease-lower.html
Nice analysis anonymous, I may punch a couple holes into this paper (descriptibly: it's at best an article with indentations and at worst a simple press release - not the stuff I'd turn to a professor and claim academic or research proficiency) over the weekend; if other stuff doesn't keep me busy.
Feel free. One good paper to look at is ExxonMobil chief Lee Raymond's testimony to Congress in November, which explains this investment cycle out succinctly and perfectly. An additional bonus: no credible economist or analyst on Wall Street disagrees with him. The good thing about the Raymond testimony is its precision and brevity. I like people with minds like that.
My favorate part of Anon´s post was
"Oil at $70 a barrel can easily tumble to $9 a barrel any time, but fixed costs and investment costs remain constant. Same deal with natgas."
Give me a break! Do you honestly think gas is going to fall to $9 a barrel EVER? Oil is a finite resource -- whether or not you believe in particular peak oil theories, oil will never return to those prices.
And I love how you guys take the words of oil executives in good faith, as if they don´t have an interest in misrepresenting the structure of their business.
Yeah, that 9 bucks per barrel is an exaggeration, perhaps back to historical levels ($35-$40) if a number of planets align. In any case, the issue of "excessive profits" it's a though one to defend/define, during my last semester in college I had to write a paper and develop a formula for measuring excessive profits (for one of my finance classes). I used Exxon data on that one, including anecdotic evidence given in the testimony you mentioned. Ironically, the formula I developed concluded that Exxon had accrued excessive profits (beyond an optimal ROI for stockholders and a base period standard) of 3.366 percent or $1,139 million during 2005. Fun exercise, since I believe that the concept of excessive profits is essentially flawed. In any case, if I had trustworthy data on PDVSA and applied the formula to it, I’d probably reach a similar conclusion for that period.
Moral of the story, it’s hard to throw blanket statements when looking at oil companies. Don’t do it, unless you are willing and able to defend your arguments.
Whatever OE, the point was that price of oil and gas can go up and down. In the region, Brazil or Argentina can have a meltdown, and their currency goes to crap, and suddenly they can not pay for the volume in the contract.
The point made quite clearly by Anon, is that this whole silly article, is premised on a childish understanding of economic realities.
I'm also still waiting for you to post ANYTHING on the repurcusions of handing over control over the national pension system (the BONOSOL) to the newly empowered state oil company (the YPFB). Do you think the money will still be available for the elderly's pensions? Will the money be used for capital investments or to pay compensation for nationalized or "re-covered" stakes in oil industry? What is your take on it? So far I've not even seen this crucial element discussed on your site here--other than by a slew of comments that go unanswered.
correct me if i'm wrong, mcentellas, but the money transferred from the AFP's was only used to pay for the Bonosol as a bonus of Bolivias previous minority partnership in the capitalizadas.
the pension system, which predated privatization of course, was and continues to be administered by the AFP's, but has not been moved anywhere. so to ask whether the elderly's pensions will be honored is a loaded question, of course they will be, they are two separate things.
the question of whether this money will be spent productively or to pay international fines is valid I suppose, but it does betray a bitterness which I don't think we should have, wishing the best and not that an International court finds our sovereign actions taxable.
nonetheless, the answer as I recall was explained by several governmental authorities, is that the money previously in the FCC will mostly be used as collateral for loans. as in, hey, we are YPFB, we have X hundred million dollars in the bank, lend us money to find gas. pure, uncut capitalism.
alas, i am not jim so you question, by your standards, goes unanswered..
Hey CB, the GOB is not entitled to use that stock as collateral for anything, unless they compensate the fund. The whole operation was designed to keep the stock as the asset of the pension system, which was entitled to the dividends of the enterprise. And if any part of that stock was to be sold, the fund had to be compensated. It was precisely to stop any government from doing short-sited things.
Its like assigning clear title to a house in a trust, if the trustee, sells the house, you need to compensate the trust, or else you have effectively raided the trust.
Centellas point is clear.
http://bolicarreras.blogspot.com/2006/05/bolivia-did-evo-mas-loot-bolivias-old.html
Schultz, your paper is propaganda, badly written one at it.
Bolivia’s wholesale adoption of the “economic liberalization” policies of the so-called Washington Consensus, a package of market-driven reforms pushed on to Bolivia in the 1980s and 1990s as a condition of foreign aid. In 1993, the administration of President Gonzalo Sanchez de Lozada, with close participation by the World Bank and IMF, began the process of handing over Bolivia’s state-owned industries, including oil and gas to foreign corporations. ,
That statement is such a pack of lies, I do not know even where to start.
The way Sanchez De Lozada set up the capitalization plan, IT GOT AROUND THE IMF. That is why in lieu of payment for 50 percent of the stock, private investors had to commit to make x amount of investments and that the other 50 percent were held in trust by pension systems administered by world class institutions. That way there would be no excuse to make quick payments on IMF debt, and it was cleared off the Bolivian budget.
And this was not just Goni's thinking.
but before that just about anyone with half a brain, had figured out that the state needed private capital involvement in Yacimientos functions. They had already planned getting out of stupid functions already. They sold off the gas stations in 91 IIRC.
While we debate over NatGas issues in Bolivia I feel as if something is left out of the debate, a bit tangential, but never the less important – corruption and if Evo et al., can be transparent with the revenues.
Yes, fair to say that we, both sides of the argument, that the old contracts were crap and corrupt – but the corruption prior to the “privatization” was equally atrocious.
Along these lines, I did find certain statements that need to be expanded upon or explained.
While the former YPFB could be criticized for inefficiency, it was a solvent and financially stable company – contributing $3.5 billion to the national treasury between 1985 and 1995, between 38 and 60% of total government revenues.
I would like to be given the source on that one. To say the former YPFB was a solvent and financially stable company is a bit preposterous and naïve. How quickly was that money siphoned away?
I see little difference between corrupt governments looting their own banks and foreign/national taking money out of Bolivia. Either way the profits are not getting to where they are desperately needed.
So the question remains, How will the present Gov. handle the money? Can they be transparent? Or will the increase in revenue corrupt them like so many of their predecessors? If a new constitution is drafted how can they address corruption and its effects.
Bolivia, like many countries, has developed a culture of corruption, for individuals, to local alcaldeas, to business, to the federal government. If Bolivia cannot get a handle on corruption I fear that the NatGas issues will only fuel this fire.
Perhaps I should have been clear. Yes, there is a national pension system separate from the BONOSOL. But this is limited to worker contributions based (in large part) on wages earned during worker tenure in certain industries. This is separate from the BONOSOL.
What I'm curious about is the very very very loose language in the gas nationalization decree that handed over money from that trust (the money for the BONOSOL) over to the YPFB and clearly stating that it was now in YPFB prerogative. To my mind, this means that the executive decree states that the YPFB could, if it wanted to, at any time, use that money for pretty mucy anything.
Since the BONOSOL was money handed over in trust by the state for every single elderly Bolivian citizen -- most of whom do NOT have a pension -- this could potential hurt many of the poorest & most vulnerable in society (the elderly poor).
Since Jim & Co. frequently are critical of economic decisions made by previous governments (and they certainly have that right, and many such decisions need to be criticized), I'd like to see them at least tackle the question. Otherwise, they really can't shield themselves from accusations by others that their press reports are unbalanced or even propaganda.
To my mind, the BONOSOL question is a serious question. It's a question w/ serious policy implications, and implications for an entire section of the Bolivian population. Not addressing it makes for a serious journalistic blind spot.
fair enough. but i do think the clarification was necessary. I agree that Bonosol is very important, studies show that it has greatly helped entire families especially in rural areas, where a couple hundred dollars given to a grandmother triples the entire family's yearly income.
officially, the government has said it will continue paying-although i think they've been unclear about the amount- since this money is off the interest of FCC and the FCC as such will not be used as cash. we'll have to see what they do and hopefully people will speak up loudly if this isn't honored.
but we should also consider that the AFP's as private enterprises have not shown themselves to be the most incisive auditors or overseers of the companies for which they held Bolivia's stock in trust.
Agreed. I just wonder how an organization that claims to conduct "investigative journalism" and writes on a host of politica/economic/policy issues hasn't even bothered to address the issue. Jim hasn't even answered my email on the subject ... If the Democracy Center wants to be a PR organization that advocates a position, that's fine. But avoiding an issue is usually considered a form of "spin" inside the beltway. If they want to do that, rather than objective, investigative journalism (which is their right, of course) they should at least be upfront about it.
Just to note that Jim has emailed me. While he hasn't promised to write on the question of the implications for the BONOSOL (he hasn't ruled it out, either), he's at least well aware of the requests.
I can appreciate that any blogger (or organization) can post on any topic (or not post on any topic) as he/she/they see fit. But blogging has, in my mind, become a means of "informing conversation", rather than a means of "information distribution" (the first derives from a horizontal component, the second a hierarchical one). So I don't think the Democracy Center has a pass on issues they haven't gotten around to yet, even if other issues are also important. Readers have a right to demand coverage of anyone, and I think it's just good policy to respond (even if it's to say "I disagree" or "we won't be covering that yet").
Here are some figures provided by SPVS from its web site:
They issued monthly newsletters
http://www.spvs.gov.bo/Estadisticas+y+Publicaciones/Publicaciones/
http://www.spvs.gov.bo/NR/rdonlyres/953FE3DB-DEE5-4C44-946E-A6B2B5792DD6/3477/UtilidadesgeneradasporlasEmpresasCapitalizadasAl31.pdf
Direct dividends paid to Fondo:
http://www.spvs.gov.bo/NR/rdonlyres/D00236F7-36C9-4ED3-B5BE-AFF9FADAFF78/3478/DividendosPagadosalFCCAl310506.pdf
BONOSOL Payments
http://www.spvs.gov.bo/NR/rdonlyres/D7BADF6E-B2D1-4E93-A233-71ACBDA08A2E/3367/Pagos_BONOSOL_20060531.pdf
There is quite a bit of info there.
I have looked at too many investment portfolio's, account sheets and SEC filings in my lifetime, don't feel like looking at one today - for free that is.
One last thing..for some ungodly reason I had to read MAS campaign Bible...
Interesting what they were saying some months ago:
En el caso de Transredes, se transferirá las acciones del Fondo de Capitalización Colectiva (FCC) de los bolivianos, al Estado nacional. Éste comprará las acciones de los trabajadores y adquirirá uno por ciento de las acciones en manos de las empresas extranjeras. De esta manera el Estado nacional tendrá el 51% del paquete accionario. Además ejercerá el derecho de propiedad mediante la nominación de los directores y síndicos que representan los intereses nacionales, quienes participarán activamente en los niveles de decisión.
Last time I checked..buying the "workers shares" meant....well not taking them without payment.
wow gold
wow gold
wow gold
wow gold
wow powerleveling
wow powerleveling
wow power leveling
wow power leveling
World of Warcraft Gold
World of Warcraft Gold
wow powerleveling
wow powerleveling
wow power leveling
wow power leveling
wow power leveling
wow power leveling
Archlord Gold
cheap Archlord Gold
buy Archlord Gold
cheap wow power leveling
cheap Warcraft power leveling
World of warcraft Power Level
World of warcraft PowerLevel
World of warcraft Power Leveling
World of warcraft PowerLeveling
Warcraft Power Level
Warcraft PowerLevel
Warcraft Power Leveling
Warcraft PowerLeveling
wow power level
wow powerlevel
wow power leveling
wow powerleveling
runescape power leveling
rs2 power leveling
runescape powerleveling
runescape power level
runescape money
runescape gold
buy runescape gold
buy runescape money
runescape items
runescape accounts
buy runescape accounts
buy runescape items
cheap runescape money
cheap runescape gold
runescape gp
dofus kamas
buy dofus kamas
Guild Wars Gold
buy Guild Wars Gold
GW Gold
rs2 money
rs2 gold
rs2 items
rs2 accounts
buy runescape money
buy rs2 money
buy rs2 gold
runescape Guide
rs2 Guide
rs2 accounts
buy rs2 accounts
runescape accounts
buy runescape accounts
陈楚生
http://www.vgoldseller.com
http://www.vgoldsupply.com
http://www.runescape4money.net
http://www.buylotrogold.org
www.runescapemoney-runescapegold.cn
www.runescape2vip.cn
www.runescape2store.com
www.rs2-accounts.com
www.buydofuskamas.com
wow power leveling
wow powerleveling
wow power leveling
wow gold
wow items
feelingame.com
wow tips
Most Valuable WOW Power Leveling Service
wow power leveling faq
cheap wow power leveling
wow power leveling
wow powerleveling
wow power lvl
wow gold
wow gold
wow gold
wow gold
wow power leveling
wow powerleveling
wow power leveling
wow power leveling
wow powerleveling
wow powerleveling
wow power leveling
wow power leveling
wow powerleveling
wow powerleveling
翻译公司
rolex
翻译公司
rolex replica
wow gold
wow gold
World of Warcraft Gold
World of Warcraft Gold
wow powerleveling
wow powerleveling
wow power leveling
wow power leveling
powerleveling
powerleveling
powerleveling
powerleveling
power leveling
power leveling
powerleveling
powerleveling
power leveling
power leveling
wow powerleveling
wow powerleveling
wow power leveling
wow power leveling
rs Gold
rs Gold
Runescape Gold
Runescape Gold
rs powerleveling
rs powerleveling
Runescape powerleveling
Runescape powerleveling
lotro gold
lotro gold
LOTRO US Gold
LOTRO US Gold
LOTRO EU Gold
LOTRO EU Gold
buy lotro gold
buy lotro gold
cheap lotro gold
cheap lotro gold
LOTRO Powerleveling
LOTRO Powerleveling
LOTRO Power leveling
LOTRO Power leveling
SilkRoad Gold
SilkRoad Gold
SilkRoad Powerleveling
SilkRoad Powerleveling
SilkRoad Power leveling
SilkRoad Power leveling
SR Gold
SR Gold
SR Powerleveling
SR Powerleveling
SR Power leveling
SR Power leveling
wow gold
wow power leveling
wow power leveling
wow power leveling
wow powerleveling
wow powerleveling
wow powerleveling
World Of Warcraft power leveling
World Of Warcraft power leveling
World Of Warcraft power leveling
World Of Warcraft powerleveling
World Of Warcraft powerleveling
World Of Warcraft powerleveling
wow power level
wow power level
wow power level
cheap wow power leveling
cheap wow power leveling
cheap wow powerleveling
cheap wow powerleveling
codeheart article
Warcraft Gold
wow power leveling
wow powerleveling
world of warcraft power leveling
wow powerleveln
wow power leveln
world of warcraft power leveln
world of warcraft powerleveln
ffxi power leveling
coh power leveling
cov powerleveling
wow power leveling
wow powerleveling
world of warcraft power leveling
ffxi power leveling
ffxi powerleveling
lotro powerleveling
lotro power leveling
wow gold
world of warcraft gold
wow power leveling
wow powerleveling
world of warcraft power leveling
ffxi power leveling
ffxi powerleveling
ffxi
ffxi gil
lotro powerleveling
lotro power leveling
lotro gold
薬剤師求人
インプラント
wow gold
レーシック
パワーストーン
照明
seo
seo対策
world of warcraft gold
buy wow gold
cheap wow gold
看護師求人
一戸建て 大阪
包茎
会社設立
toefl
guild wars gold
gw gold
href="http://www.mygamestock.com/us/guild_wars/">cheap guild wars gold
buy guild wars gold
Maple Story Mesos
MapleStory Mesos
Maple Story Meso
cheap Maple Story Mesos
cheap MapleStory Mesos
buy Maple Story Mesos
guild wars money
wow gold
power leveling
wow power leveling
world of warcraft gold
runescape gold
runescape money
rs gold
runescape gp
噪音治理
噪声治理
隔音屏
隔声屏
wow goldseo
seo対策
PLC维修 world of warcraft power leveling wow power leveling power leveling runescape gold rs2 gold Lord of the Rings Online Gold wow gold 中国福利彩票 双色球 直流电源
环保空调 google左侧排名 google排名 runescape money rs2 money lotro gold dofus kamas packing machine thermoforming Equipment
runescape money runescape gold power leveling wow power leveling world of warcraft power leveling plastic machine Thermoforming Machine 福彩3d
thermoforming machine thermoforming Equipment Plastic Machinery Plastic Thermoforming Machine Plastic Thermoforming Machinery Plastic Sheet Unit,Plastic Extruding Machine Plastic Machine Vacuum Forming Equipment
wow gold猎头激光打标
激光打码机
北京激光加工
压力传感器
压力传感器
压力变送器ETCOA
OA
电话会议
会议电话
协同办公
温度变送器
液位变送器
猎头展览展示展览公司成人用品薬剤師求人
看護師求人
seo
seo対策
lotro gold
lord of the rings gold
lord of the rings online gold
lotro gold
lord of the rings gold
lord of the rings online gold
Warhammer gold
Warhammer online gold
Warhammer money
War gold
War money
Tabula Rasa Credit
lotro gold
lord of the rings gold
lord of the rings online gold
lord of the rings online gold
lord of the rings gold
Tabula Rasa Credit
World of Warcraft gold
PotBS Doubloon
Pirates of the Burning Sea Doubloon
PotBS Gold
Pirates of the Burning Sea Gold
lotro gold
lord of the rings gold
lord of the rings online gold
Tabula Rasa Credit
Warhammer gold
Warhammer online gold
PotBS Doubloon
PotBS gold
Pirates of the Burning Sea gold
Pirates of the Burning Sea Doubloon
This comment has been removed because it linked to malicious content. Learn more.
flexible connectors runescape money runescape gold power leveling wow power leveling world of warcraft power leveling plastic machine Thermoforming Machine 福彩3d
thermoforming machine thermoforming Equipment Plastic Machinery Plastic Thermoforming Machine Plastic Thermoforming Machinery Plastic Sheet Unit,Plastic Extruding Machine Plastic Machine Vacuum Forming Equipment 储罐 反应釜,热回流机组,中药提取设备 中药提取设备 反应釜 酒精回收设备,酒精回收浓缩器 酒精回收设备 乳化机,小型提取浓缩设备,微型提取浓缩设备 乳化机 工业设计 产品设计
环保空调 金属探测门 google排名 runescape money rs2 money lotro gold dofus kamas packing machine thermoforming Equipment
PLC维修 world of warcraft power leveling wow power leveling power leveling runescape gold rs2 gold Lord of the Rings Online Gold wow gold 中国福利彩票 安检门 直流电源 逆变电源
翻译公司
深圳翻译
深圳翻译公司
英语翻译
日语翻译
法语翻译
德语翻译
俄语翻译
藏语翻译
韩语翻译
泰语翻译
越南语翻译
印度语翻译
瑞典语翻译
印尼语翻译
阿拉伯语翻译
马来西亚语翻译
菲律宾语翻译
意大利语翻译
爱尔兰语翻译
柬埔寨翻译
土耳其语语翻译
西班牙语翻译
葡萄牙语翻译
外语翻译
小语种翻译
证件翻译
合同翻译
法律翻译
机械翻译
标书翻译
医学翻译
外贸翻译
食品翻译
技术翻译
化工翻译
农业翻译
汽车翻译
通信翻译
英译汉，汉译英
汉译日，日译汉
金融翻译
同声传译
新疆租车
广州翻译公司
深圳翻译公司
Trying to be impressive!deeply wonderful here!
runescape gold
runescape money
runescape money
runescape items
runescape power leveling
runescape logs
runescape accounts
enjoy-rs is an professional store for runescape gold,items,money,accounts,powerleveling,questqoint,runes and some other goods with fast delivery and world class service.
URL:www.enjoy-rs.com
runescape runescape money runescape gold buy runescape money buy runescape gold runescape cheat runescape tip lotro lotro gold lotro golds buy lotro gold buy lotro golds lord of the rings online lord of the rings online gold lotro lotro gold lotro golds buy lotro gold buy lotro golds lord of the rings online lord of the rings online gold runescape runescape money runescape gold buy runescape money buy runescape gold runescape cheats runescape tips guild wars guild wars gold dofus dofus kamas lotro lotro gold guild wars gold guild wars gold guild wars gold maple story maple story mesos maplestory mesos maple story maple story mesos maplestory mesos maple story maple story mesos maplestory mesos runescape runescape money runescape gold buy runescape money buy runescape gold www.runescape.com runescape.com runescape items dofus dofus kamas dofus kamas guild wars guild wars guild wars runescape runescape money runescape money runescape gold buy runescape money buy runescape gold runescape.com runescape items
家庭教師のイロハ
ニート支援
Trying to be impressive!deeply wonderful here!
runescape gold
runescape money
runescape money
runescape equipment
runescape power leveling
runescape quest point
runescape items
runescape logs
runescape accounts
rs-sky is an professional store for runescape gold,items,money,accounts,powerleveling,questqoint,runes and some other goods with fast delivery and world class service.
URL:www.rs-sky.com
バイク廃車
クレジットカード 比較
消費者金融 比較
食材 宅配サービス
レーシック 手術
SEO 対策
廃車 手続き
美容整形 手術
結婚相談所 比較
レーシック 手術
Trying to be impressive!deeply wonderful here!
runescape gold
runescape money
runescape money
runescape items
runescape power leveling
runescape logs
runescape accounts
enjoy-rs is an professional store for runescape
gold,items,money,accounts,powerleveling,questqoint,runes and some other goods with fast
delivery and world class service.
URL:www.enjoy-rs.com
runescape money runescape gold runescape gold runescape money buy runescape gold buy runescape money runescape money runescape gold wow power leveling wow powerleveling Warcraft Power Leveling Warcraft PowerLeveling buy runescape gold buy runescape money runescape itemsrunescape accounts runescape gp dofus kamas buy dofus kamas Guild Wars Gold buy Guild Wars Gold lotro gold buy lotro gold lotro gold buy lotro gold lotro gold buy lotro gold runescape money runescape power leveling runescape money runescape gold dofus kamas cheap runescape money cheap runescape gold Hellgate Palladium Hellgate London Palladium Hellgate money Tabula Rasa gold tabula rasa money Tabula Rasa Credit Tabula Rasa Credits Hellgate gold Hellgate London gold wow power leveling wow powerleveling Warcraft PowerLeveling Warcraft Power Leveling World of Warcraft PowerLeveling World of Warcraft Power Leveling runescape power leveling runescape powerleveling eve isk eve online isk eve isk eve online isk tibia gold Fiesta Silver Fiesta Gold
runescape money runescape gold wow power leveling
棕榈树
VI设计
画册设计
血管瘤
肝血管瘤
音乐剧
福卡
防静电地板
美国留学
留学美国
电阻器
不锈钢电阻器
频敏电阻器
睡眠呼吸机
伟康呼吸机
呼吸机
无创呼吸机
家用呼吸机
呼吸机的使用
北京消化系统疾病
北京心脑血管疾病
北京肾病
北京中医儿科
北京针灸减肥
针灸减肥
北京糖尿病
北京疼痛病
北京类风湿
world of warcraft power leveling wow power leveling power leveling runescape gold rs2 gold Lord of the Rings Online Gold wow gold 中国福利彩票 稳压器 直流电源 安检门 福彩3d
flexible connectors power leveling wow power leveling 佛像 香炉 Thermoforming Machine 密炼机 包装机械 点火开关 气动马达 气动搅拌机
吹膜机 环保空调 金属探测门 法器 runescape money rs2 money lotro gold dofus kamas thermoforming Equipment 印刷机械 上润
thermoforming machine thermoforming Equipment Plastic Machinery Plastic Thermoforming Machine Plastic Thermoforming Machinery Plastic Sheet Unit,Plastic Extruding Machine Plastic Machine prada shoes true religion jeans evisu jeans Ed hardy Gucci shoes Gucci Handbag adidas shoes Ugg Boots nike shoes LV handbags Jordan shoes new era 储罐 中药提取设备 反应釜 酒精回收设备 乳化机
制袋机 手套机 收卷机 吹膜机 连线机 粉碎机 脱水机 搅拌机 造粒机 团粒机 卷绕机 拉丝机 织带机 包覆丝机 圆织机 裁料机 冲口机 下料机 压合机 纸杯机 纸碗机 纸碟机 热成型机 片材机 制杯机 牵引机 压底机 挤出机 冲压机 包装机 贴窗机 涂胶机 信封机 捆扎机 打包机 切袋机 喷码机 刻字机 打标机 标示机 缠绕机 灌装机 封箱机 丝印机 封口机 裹包机 整理机 滚齿机 封面机 包边机 折入机 整平机 冷压机 镂铣机 贴角机 贴膜机 纸巾机 湿巾机 折叠机 充填机 抛光机 装盒机 调头机 折边机 修边机 上光机 压光机 压纹机