Is Citgo still owned by PDVSA?
Headquartered in the Energy Corridor area of Houston, it is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo)….Citgo.
Is the oil industry privately owned in Venezuela?
The country officially nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1 (Mene Grande), and along with it came the birth of Petróleos de Venezuela S.A. (PDVSA) which is the Venezuelan state-owned petroleum company.
What is wrong with PDVSA?
With PDVSA focusing on political projects instead of oil production, mechanical and technical statuses deteriorated while employee expertise was removed following thousands of politically motivated firings. Incompetence within the company has led to serious inefficiencies and accidents as well as endemic corruption.
What does PDVSA do in Venezuela?
It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world’s fifth largest oil exporter .
What happened to PDVSA workers in Colombia?
Many PDVSA workers migrated to Colombia and joined Ecopetrol, and are credited with helping the company attain huge profits throughout the 2010s. In 2006, Rafael Ramírez, the energy minister, gave PDVSA workers a choice: Support President Hugo Chávez, or lose their jobs.
What is the PDVSA corruption scandal?
Since 2015, a US Justice Department investigation into PDVSA corruption has resulted in 12 guilty pleas pertaining to a bribery scheme between PDVSA and its contractors; This scheme involved members within the company would insure favorable treatment of vendors in exchange for kickbacks.