Venezuela State Oil
Company Doubles
CARACAS -
The Venezuelan state-run
oil company PDVSA has
grown over 100 percent
in the last five years,
and is expected to
become a great
mega-company.
The corporation, managed
by the State, has gone
from coordinating nine
to 17 branches to
include other strategic
sectors in the national
economy, beyond
exploration,
exploitation and crude
oil production.
The company is currently
analyzed as the great
managerial organization
of Venezuela. It manages
eight non-oil entities
and involves several
social projects, unlike
transnational companies,
Zulia's newspaper
Panorama reported.
PDVSA announced since
the end of 2007 the
creation of multiple
non-oil but industrial
offices in agricultural,
service, engineering and
construction, urban
development, naval, gas
and food sectors, among
others.
Despite many functions,
the state-run oil
company PDVSA is the
world's fifth largest
oil company. According
to statistics from
Petroleum Intelligence
Weekly, it was above
corporations like Shell,
Conoco Phillips and
Chevron.
The industry financial
report registered in
2007 $6.3 billion in
profit on returns of
$96.2 billion.
President Hugo Chavez
corroborated in mid 2007
the new social energy
role of the nation's
main industry, saying "PDVSA
is not only oil and it
is of all the Venezuelan
people, no longer for an
elitist group."
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