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Combined, industry veterans say, the steps leave Venezuela’s most important company – which accounts for over 90 percent of export revenue – with even fewer means to rebuild the nation’s coffers, pay its many creditors and regain self-sufficiency as an oil producer. “What we are witnessing is a policy of destroying the oil industry,” said Jose Bodas, general secretary of the Oil Workers Federation, a national labor union. “The military officials don’t listen to workers. They want to give orders, but they don’t understand this complicated work.” personalised cufflinks india.

Maduro defends the military managers, arguing they are more in synch with his Socialist worldview than capitalist industry professionals who exploit the country for personal profit personalised cufflinks india. “I want a Socialist PDVSA,” the president told allied legislators earlier this year. “An ethical, sovereign and productive PDVSA. We must break this model of the rentier oil company.”. Quevedo, who holds the title of oil minister as well as president of PDVSA, didn’t respond to requests for comment for this story. Neither Venezuela’s Information Ministry, responsible for communications for the government and senior officials, nor PDVSA’s press office returned phone calls or emails from Reuters..

PDVSA and the Oil Ministry disclose scant information about Quevedo, who is 51, according to his social security registration. He seldom makes public speeches. But at an industry event in Vienna last June, Quevedo told journalists PDVSA is aware of its challenges and hoped within months to make up for plummeting output personalised cufflinks india. “We hope by year end to recover the lost production,” he said in a forecast that has been missed. “We have the capacity and we have summoned the strength of the workers.”..

Nearly 20 years after the late Hugo Chavez launched his “Bolivarian revolution,” much of Venezuela is in tatters. Food and medicines are scarce, hyperinflation has gutted purchasing power for increasingly desperate citizens and roughly three million Venezuelans have fled the country in search of a better life. At PDVSA, managers long sought to keep the company running, even if the economic meltdown and falling oil prices meant they had fewer resources to invest in exploration, growth and basic maintenance. Despite their efforts, decay led to dwindling production, deteriorating facilities and a progressive loss of skilled workers personalised cufflinks india.

Now, critics say, military officials atop PDVSA have put aside any pretense of running it like a proper business, doing little to stem the fall in production or improve the company’s financial, operational and staffing problems. No matter the dysfunction, PDVSA remains a rare and crucial source of foreign currency in the enfeebled Andean country personalised cufflinks india. For Maduro, who became president after Chavez died in 2013, handing the company over to the military is seen by many as a calculated move to buy loyalty from officers..