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Caribbean-Latin America
Mass Arrests Paralyzes Venezuelas Energy Sector
2017-12-17
CARACAS/HOUSTON (Reuters) - Decisions at some joint ventures with foreign firms are delayed. A growing number of oil tankers sit idle because no one authorizes payments. Employees struggle to get approval for routine expenses, from taxis to training.

An alleged crackdown on graft in Venezuela, seen by critics as an effort by President Nicolas Maduro to consolidate power, has sown panic across the country’s energy industry and all but paralyzed state-run Petroleos de Venezuela SA, or PDVSA, according to people at the company and across the sector.

The ongoing purge, in which prosecutors have arrested at least 67 executives including two recently ousted oil ministers, now threatens to further harm operations for the OPEC country, which is already producing at near 30-year-lows and struggling to run PDVSA units including Citgo Petroleum, its U.S. refiner.
Posted by:Ulaigum Ebbineng7056

#6  As Long as the handful running things live in style, nothing will ever change unless they are pulled out by the roots by the locals.
Posted by: Ulaigum Ebbineng7056   2017-12-17 22:57  

#5  Columbia should be setting up 'refugee' camps with trainers and weapons picked up from FARC. Sort of a give'm as good as they gave moment.
Posted by: P2kontheroad   2017-12-17 18:16  

#4  This is pretty much Cuffy Meigs style of action from Atlas Shrugged.

The question remains: when will Venezuela finally collapse completely? I say it will be when these so-called leaders and their families are hanging by their necks by piano wire in the public square, Mussolini style.
Posted by: Injun Bucket8891   2017-12-17 13:16  

#3  Bernie and Obumbles should go down and show them how to do it.

After all, we keep hearing the Socialism hasn't worked cause it hasn't been done right, so send in the experts.

WCGW?
Posted by: AlanC   2017-12-17 09:20  

#2  Madurolast month appointed a general to take the reins of PDVSA and the oil ministry. The new oil czar, former housing minister Major General Manuel Quevedo, has no experience in the energy sector.
Quevedo has yet to produce a detailed business plan, but has vowed to boost production by 1 million billion trillion bpd - roughly the volume lost in the last four years.

what could go wrong?
Posted by: Frank G   2017-12-17 08:34  

#1  Death to kulaks!
Posted by: g(r)omgoru   2017-12-17 02:36  

00:00