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2017-01-30 18:35:00

VENEZUELA AGAINST CORRUPTION

VENEZUELA AGAINST CORRUPTION

REUTERS - Venezuela's president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to root out corruption in the OPEC nation's principal industry.

Venezuelan President Nicolas Maduro kept Eulogio Del Pino as PDVSA president but created a new post of executive vice president while naming vice presidents in areas including finance and exploration.

PDVSA has been dogged for years by corruption ranging from lucrative smuggling of heavily subsidized fuel to kickbacks and bribery that led to prosecution of U.S.-based contractors who did business with the company.

"We have to clean out the corruption that has incubated in (the oil industry), I call on the oil workers to forcefully defeat corruption," Maduro said in his weekly broadcast.

"That's why I have asked Eulogio del Pino ... to lead this new leadership team and focus one hundred percent on the industry this year."

Leadership changes at PDVSA in recent years have not significantly altered the company's management style, which has been characterized by heavy social spending, slumping crude production, and chronic payment disputes with suppliers.

Maribel Parra, who Maduro identified as a rear admiral in the armed forces, takes up the newly created post of executive vice president.

The new finance vice president is Simon Zerpa, who has led a bilateral Venezuela-China fund through which Caracas has borrowed billions of dollars from Beijing that it repays in oil and fuel shipments.

Venezuela is battling triple-digit inflation and a severe recession as a result of low oil prices and an unraveling socialist economic system, leaving millions of citizens struggling to eat and waiting for hours in supermarket lines.

Maduro says his government is a victim of an "economic war" led by his adversaries.

Corruption at PDVSA was put on display in U.S. courts last year when businessmen Roberto Rincon and Abraham Shiera pleaded guilty to violating the Foreign Corrupt Practices Act by paying bribes to PDVSA officials to secure energy contracts.

Former PDVSA employees also pleaded guilty to conspiracy to commit money laundering. The company at the time described the charges as a smear campaign against it.

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Earlier: 

VENEZUELA WILL CUT 95 TBD 

VENEZUELA & CHINA: $50 BLN 

VENEZUELA NEED MONEY 

VENEZUELA'S OIL DOWN 

BRAZIL & VENEZUELA IN SHOCK

 

 

 

Tags: VENEZUELA, PDVSA

Chronicle:

VENEZUELA AGAINST CORRUPTION
2018, June, 20, 12:45:00

NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

VENEZUELA AGAINST CORRUPTION
2018, June, 20, 12:40:00

LIBYA'S OIL PRODUCTION DOWN 400 TBD

PLATTS - Libyan crude production has fallen around 400,000 b/d -- or nearly halved -- due to militia attacks on the eastern oil terminals of Ras Lanuf and Es Sider, the head of the country?s National Oil Corp. said Tuesday.

VENEZUELA AGAINST CORRUPTION
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

VENEZUELA AGAINST CORRUPTION
2018, June, 20, 12:30:00

NIGERIAN OIL SALES

PLATTS - Nigerian oil has been slow to sell this month as bidders for the country's July-loading heavy and light sweet crudes have been absent from the market. Market participants pegged the amount of unsold Nigerian barrels loading in July at 20 million-34 million barrels, amounting to roughly 40%-75% of what is produced in a month.

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