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Maduro says taps military officer to 'clean up' oil company PDVSA
Source: Reuters
#COMMODITIES NOVEMBER 26, 2017 / 1:06 PM / UPDATED 16 MINUTES AGO
Maduro says taps military officer to 'clean up' oil company PDVSA
Alexandra Ulmer, Deisy Buitrago
3 MIN READ
CARACAS (Reuters) - Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA [PDVSA.UL] and the oil ministry as the OPEC member labors under near 30-year lows in oil production.
Major General Manuel Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world’s largest crude reserves.
A former housing minister with no known significant experience in the energy sector, he inherits corruption scandals and an attempted debt restructuring, all within the context of a deep recession and debilitating U.S. sanctions.
It was unclear how Quevedo would increase oil production or what role he would have in Venezuela’s complex attempt to restructure its debt.
-snip-
Maduro says taps military officer to 'clean up' oil company PDVSA
Alexandra Ulmer, Deisy Buitrago
3 MIN READ
CARACAS (Reuters) - Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA [PDVSA.UL] and the oil ministry as the OPEC member labors under near 30-year lows in oil production.
Major General Manuel Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world’s largest crude reserves.
A former housing minister with no known significant experience in the energy sector, he inherits corruption scandals and an attempted debt restructuring, all within the context of a deep recession and debilitating U.S. sanctions.
It was unclear how Quevedo would increase oil production or what role he would have in Venezuela’s complex attempt to restructure its debt.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-politics-pdvsa/maduro-says-taps-military-officer-to-clean-up-oil-company-pdvsa-idUSKBN1DQ0R9