Venezuelan General With No Oil-Industry Experience to Lead State Sector

27 Nov 2017   Venezuela

President Nicolás Maduro named an active general to lead the state oil industry, the nation’s last major economic sector that had been outside the military’s control. National Guard Maj. Gen. Manuel Quevedo will be the new energy minister and president of state-run Petróleos de Venezuela SA, known as PdVSA, which accounts for almost all the country’s foreign-currency income. Gen. Quevedo, who has no oil-sector experience, takes the reins at PdVSA from Nelson Martinez, a U.S.-educated company veteran who was undermined by last week’s arrests of his associates at the firm’s U.S. arm, Citgo Petroleum Corp. Another U.S.-educated veteran oilman, Eulogio Del Pino, was fired as the oil minister. The appointment follows a four-month purge at PdVSA amid a deepening economic crisis and declining output. More than 50 company officials […]

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