Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Venezuela revamps PDVSA leadership after Maduro launches restructuring

Published 02/29/2020, 05:22 PM
Updated 02/29/2020, 05:22 PM
© Reuters. FILE PHOTO: Logo of state oil company PDVSA is seen at a gas station in Caracas

CARACAS (Reuters) - Venezuela has named new vice presidents for four units of state oil company PDVSA, as well as a new president for the unit that handles joint ventures with private oil companies, PDVSA said on Saturday.

The company asked several vice presidents to resign amid a shakeup announced earlier this month, when socialist President Nicolas Maduro named a commission led by Economy Vice President Tareck El Aissami to restructure the industry.

PDVSA'S crude output has been hovering near its lowest levels in decades, and intensifying U.S. sanctions on the company, which are intended to force Maduro out of office, threaten to cut Venezuela off from its main oil export markets.

Venezuela named Oswaldo Perez, who currently serves in the Finance Ministry, as PDVSA's vice president of finance, according to PDVSA and a copy of the government's official gazette dated Feb. 28, which has not yet been published online. Erwin Hernandez was named vice president for exploration and Gabriel Oliveros was named vice president for refining.

Hernandez previously served as a manager at the Jose terminal http://www.pdvsa.com/index.php?option=com_content&view=article&id=7235:moderno-terminal-portuario-de-pdvsa-garantiza-operaciones-confiables-en-2016&catid=10&Itemid=589&lang=es, Venezuela's main oil port, as well as a manager at Petrocedeno https://af.reuters.com/article/energyOilNews/idAFL1N0VK35820150210, a crude joint venture between PDVSA, France's Total and Norway's Equinor. Oliveros previously served as PDVSA's executive director for new refinery projects http://www.pdvsa.com/index.php?option=com_content&view=article&id=7070:puerto-la-cruz-refinery-deep-conversion-project-to-receive-new-financing-from-hyundai-engineering-construction&catid=10&Itemid=908&lang=en.

Antonio Perez Suarez, previously the director of a state-run distributor of locally made products known as "Productive Venezuela," was named vice president for supply and trading on an interim basis, according to the gazette. Reuters reported Perez Suarez's appointment earlier this week.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

German Marquez, who currently serves as vice minister for hydrocarbons in the country's Oil Ministry, was named president of Venezuelan Petroleum Corp, which manages PDVSA's stakes in exploration and production joint ventures with private oil companies.

The company also named a new human resources manager, Victor Ramon Zamora.

Latest comments

Several mid level technicians promoted to try to reverse PDVSA fate. It won't work. World confidence is missing
It wont work
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.