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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Government Creates New PDVSA Offshoot

CARACAS – In another move to restructure Venezuela’s already battered state-owned oil company PDVSA, the Government’s “Alí Rodríguez Araque” presidential commission announced the creation of PDV Puertos, which will take care of the distribution and maritime shipping of all hydrocarbons and their derivatives, local newspaper TalCual reported on Thursday.

This PDVSA offshoot will also be allowed to grant concessions and seek partnerships with privately-run companies, as published in the Official Gazette No. 41,876 on May 11 of this year, hinting at new investments in Venezuela’s oil industry.

PDV Puertos comes to replace PDV Marina, a PDVSA offshoot founded in November of 1990 plagued with irregularities over the past year, which resulted in the arrest of several of its workers and managers.

This newly created company relies on a series of assets such as oil and gas tankers coupled with tugs and barges, yet it also runs port operations through its terminals across the country and abroad.

The “Alí Rodríguez Araque” presidential commission, named after the late former PDVSA president during the government of Hugo Chávez, was created with the ultimate goal of designing new productive, legal, administrative, labor and marketing processes for the national oil industry and related activities, including PDVSA and its Venezuelan Petroleum Corp (CVP) arm. A document was recently released by this commission calling for the elimination of several oil and non-oil companies, as well as privatizing the operations of oilfields and other related businesses.

 

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