Venezuela: The Maduro Government Makes a Grab for Oil Revenue

Sep 11, 2018 | 17:59 GMT

Strapped for cash to pay for essentials, embattled Venezuelan President Nicolas Maduro has ordered a restructuring of state oil and gas company Petroleos de Venezuela (PDVSA), according to a Sept. 10 report. As part of the restructuring, PDVSA will have to deliver all revenue from its operations to the Central Bank of Venezuela. This leaves no revenue directly in the hands of PDVSA for reinvestment into essential activities, such as maintenance, exploration and procurement....

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