- Petróleos de Venezuela S.A.
Infobox_Company
company_name = Petróleos de Venezuela S.A.
company_| company_type =State-owned enterprise (Public )
company_slogan =
foundation = 1975
location = flagicon|VenezuelaCaracas ,Venezuela
key_people = Rafael Ramírez, President
num_employees =
industry =Oil andGas
products =
revenue = $ 109.342 billion (2006)
profit Bs. 235.085 trillion (2006) |
Bs.F 235.085 billions (2006)parent =
Venezuelan Government
subsid = PDV Marina
CVP
Pequiven
CIED
PDVSA Gas
PDV (Deltaven)
Palmaven
Electricidad de Caracas, C.A.Citgo (82.14%)
more…
homepage = [http://www.pdvsa.com www.pdvsa.com] es_icon
foot_notes =Petróleos de Venezuela, S.A. (PDVSA) is the
Venezuela n state-ownedpetroleum company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas. PDVSA dominates the oil industry of Venezuela, the world's fifth largest oilexport er.PDVSA purchased 50% of the
United States gasoline brandCitgo fromSouthland Corporation in 1986 and the remainder in 1990. [ [http://www.citgo.com/AboutCITGO/CompanyHistory.jsp Company History] , byCitgo , accessed on 10 December 2007.]Venezuela has convert|77.5|Goilbbl|m3 of conventional
oil reserves according to PDVSA figures, the largest in theWestern Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By also including an estimated convert|235|Goilbbl|m3 of tar-like extra heavy crude oil in theOrinoco Belt region, Venezuela claims to hold the largesthydrocarbon reserves in the world. Venezuela also has 150 trillioncubic feet of natural gas reserves.PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels per day (600,000 m³). Officials say production is around convert|3.3|Moilbbl/d|m3/d although most secondary sources such as
OPEC and the EIA put Venezuela's output at least convert|500000|oilbbl/d|m3/d lower.PDVSA has performed many significant contributions to the protection of the environment through strategic associations with environmental remediation technology providors such as Separation and Recovery Systems Recupertec (SRS) among other companies in the sector to perform the critical cleanup of refining oil wastes and production oil wastes. PDVSA and
SRS have been one of the most important collaborators of environmental protection in Venezuela.In December 2002 many of PDVSA's managers and employees (including the CTV trade union federation) locked out workers to pressure Venezuelan president
Hugo Chávez to call early elections, and virtually stopped oil production for 2 months. The government fired 19,000 employees and reestablished production with employees loyal to the Chávez government. TheInternational Labour Organization (ILO) called on the Venezuelan government to launch "an independent investigation into allegations of detention and torture", surrounding this strike. [http://www.un.org/apps/news/storyAr.asp?NewsID=10242&Cr=Myanmar&Cr1=&Kw1=Venezuela&Kw2=&Kw3=] The strike caused substantial macroeconomic damage, pushing unemployment up by 5% to a peak of over 20% in March 2003. [http://www.venezuelanalysis.com/news.php?newsno=1042]In 2005 PDVSA opened its first office in China, and announced plans to nearly triple its fleet of oil tankers, to 58. [http://www.schaeffersresearch.com/commentary/news_detail_ap.aspx?click=home&newsid=78408]
In April and May 2005 PDVSA, per an agreement signed between the governments of Venezuela and
Argentina , sent 50 milliontonne s offuel oil to the latter, in order to alleviate the effects of an energy crisis due to a shortage ofnatural gas .In November 2005, PDVSA and its subsidiary in the U.S., Citgo, announced an agreement with
Massachusetts to provideheating oil to low income families in Boston at a discount of 40% below market price. [http://news.bbc.co.uk/1/hi/world/americas/4461946.stm] Similar agreements were later set up with other states and cities in the US Northeast including New York'sBronx ,Maine ,Rhode Island ,Pennsylvania ,Vermont andDelaware . Under the program, Citgo offered a total of around 50 million gallons of heating oil at below market prices, equivalent to a discount of between 60 and 80 cents a gallon.In February 2006 PDVSA completed process certification for its distribution system. [http://www.mci.gob.ve/noticiaingles.asp?num=427]
On 28 July 2006, credit ratings agency
Moody's Investor Service said it was removing its standalone ratings on PDVSA because the oil company does not provide adequate operational and financial information. PDVSA has still not filed its 2004 financial results with the USSecurities and Exchange Commission that were due in June 2005.In 2007, PDVSA bought 82.14% percent of Electricidad de Caracas company from
AES Corporation as part of a renationalization program.Presidents of PDVSA
* Rafael Ramírez (2004 - current) Minister of Energy and Oil (2005),
M.Sc. Energy policy -UCV ,B.Sc Mechanical Engineering - ULA.
* Alí Rodríguez Araque (2002 - 2004) Minister of Energy (1999), Secretary GeneralOPEC (2001), Lic.Economics -UCV .
*Gastón Parra Luzardo (2002) Academic Vice-Rector - LUZ (1980-1984), Dean of the School of Social Sciences - LUZ (1972-1975). Lic. Economics - LUZ.
*Guaicaipuro Lameda (2001)Brigadier General of the Venezuelan Army.
*Héctor Ciavaldini (2000).
*Roberto Mandini (1999).
*Luis Giusti (1994 -1998)M.Sc. Petroleum Engineering - UT,B.Sc Petroleum Engineering - LUZ
*Gustavo Roosen (1992 -1994) Minister of Education (1989), M.A.Comparative Law -New York University (NYU), B.A. Law - UCAB.
*Andres Sosa Pietri (1990 - 1992).
*Humberto Calderón Berti (1983-1984) Minister of Energy (1979-1982).Overseas assets
*Citgo Petroleum Corporation, USA - Citgo is 100% owned by PDVSA.
*Ruhr Oel , Germany - PDVSA holds 50% of Ruhr Oel, the other half belonging toBP 's German unitAral AG .
*Nynäs Petroleum , Sweden - PDVSA owns a 50% stake with Finland's Neste Oil Oyj holding the other 50%.
*Bahamas Oil Refining Company (BORCO), Bahamas - PDVSA is the sole owner of this oil storage terminal in the Caribbean.
*Hovensa LLC refinery, US Virgin Islands - Hovensa is jointly owned by PDVSA and Hess Oil Virgin Islands Corp.
*Isla refinery, Curaçao - PDVSA leases the Isla refinery in the Netherlands Antilles.
*BOPEC, Bonaire petroleum corporation 100% owned by pdvsa 12MMBb storage facility Bonaire Netherlands Antilles.PDVSA also has offices inArgentina ,Bolivia ,Brazil ,Colombia ,China ,Cuba ,Spain andNetherlands .Alleged politicization
Venezuela's energy minister and head of PDVSA, Rafael Ramírez, gained attention when he told state oil workers to back President Hugo Chávez or leave their jobs. He also said: "PDVSA is red, red from top to bottom (...) - PDVSA es roja, rojita de arriba a abajo (...)" (Red being the color identified with Chávez's political party). The opposition said it is illegal for the government to exhort workers to secure Chávez's re-election in the 3 December 2006 elections.
Chávez defended Ramírez arguing that public workers should back up the "revolution". He also said that "PDVSA's workers are with this revolution, and those who aren't should go somewhere else. Go to Miami". Furthermore, Chávez stated that Ramírez should give the same speech to oil workers 100 times a day. [ [http://news.bbc.co.uk/2/hi/americas/6114682.stm Storm over Venezuela oil speech] , BBC News,4 November 2006. Accessed online 7 November 2006.]
ee also
*
Petrocaribe
*History of Venezuelan Oil Industry Notes
External links
* [http://www.pdvsa.com/ PDVSA - Petróleos de Venezuela]
* [http://biz.yahoo.com/ic/41/41358.html Yahoo! - Petróleos de Venezuela SA Company Profile]
* [http://www.bnamericas.com/factfile_detail.jsp?sector=0&idioma=I&documento=1937 PDVSA news in BNamericas]
* [http://premium.hoovers.com/subscribe/co/factsheet.xhtml?ID=cryhxxxhyrfkfj PDVSA in Hoovers]
* [http://www.venezuelanalysis.com/articles.php?artno=1224 Interview with PDVSA President Ali Rodriguez, Jul 24, 2004]
* [http://www.iamericas.org/publications/article.html?atypeid=5&aid=939 Ramírez takes over as PDVSA's president-Venezuela]
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