Daily Management Review

New head of PDVSA: We will get rid of corruption


11/29/2017


The new head of the oil industry of Venezuela, Manuel Quevedo, promised to eradicate corruption in the state oil company PDVSA in his two-minute military speech during his inauguration, without offering clues as to how he plans to cope with the onerous debt burden of the company.



The Photographer
The Photographer
President Nicholas Maduro on Sunday asked Major General Manuel Quevedo to lead both PDVSA and the Ministry of Oil, transferring control over the country's most important military sector.

Commenting on the situation, Quevedo said that he would track down all the "saboteurs" and defeat the "corrupt bureaucracy." At the same time, the new minister barely said a word about increasing oil production and improving refining operations.

"We are going to clean up public finances so that these thieves from PDVSA will finally be gone," Quevedo said. "Government actions have touched many people who have penetrated this industry." Those who stayed should worry. "

Investors closely follow Quevedo’s actions of, trying to find out whether he will seek to stop the payment of debt obligations of the PDVSA or to keep Maduro's strategy for continuing debt service, despite the devastating economic crisis in the country. 
On Tuesday, Quevedo did not mention the external debt. Maduro said that this month he will restructure and refinance all future payments on debts and that the country will never face a default.

The former predecessors of Quevedo, the minister of oil Eulogio del Pino and PDVSA president Nelson Martinez, were considered veterans of the industry with significant technical expertise who advocated continuation of payments on debt obligations.

Sources in the sector said that the appointment of Quevedo could prompt white collars leave the PDVSA and worsen operating problems, while production has already fallen to a nearly 30-year low to less than 2 million barrels per day.

source: reuters.com






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