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“No one will be able to remove the military from PDVSA now,” said Rafael Ramirez, a former oil minister. Ramirez ran the company for a decade under Chavez before clashing with Maduro, who accuses him and many other former executives of corruption photo engraved cufflinks. “PDVSA is a barrack.”. PDVSA is struggling to fulfill supply contracts with buyers, including major creditors from China and Russia who have already advanced billions of dollars in payments in exchange for oil. Last month, the head of Rosneft, the Russian oil company, flew to Venezuela and complained to Maduro about the delays, Reuters reported..
Demand remains healthy for Venezuelan oil. Operational problems under Quevedo, however, have caused production to drop 20 percent to 1.46 million barrels per day, according to the latest figures Caracas reported to OPEC, the oil cartel, of which it is a member. Quevedo in January will assume OPEC’s rotating presidency for one year. PDVSA’s financial problems are likely to demand much of his attention. The gross value of PDVSA’s oil exports is expected to fall to $20.9 billion this year compared with $24.9 billion last year, according to a calculation provided to Reuters by the International Energy Center at IESA, a Venezuelan business school photo engraved cufflinks. Exports a decade ago were over four times as much, reaching $89 billion, according to PDVSA’s accounts for 2008..
PDVSA didn’t publish a 2017 report and hasn’t released financial results in 2018. Little has been publicly disclosed by PDVSA or Maduro’s government about the military transformation within its ranks photo engraved cufflinks. A Reuters examination based on confidential PDVSA documents – as well as interviews with dozens of current and former employees, shippers, traders, foreign oil executives and others who do business with the company – shows how Quevedo’s National Guard is seeping into every facet of its operations. The documents include employment records, agreements with contractors and internal staff memos..
Quevedo has appointed more than 100 aides and advisors from the military and from a previous post as a government minister to senior positions, according to a person familiar with PDVSA’s human resource records photo engraved cufflinks. At its shabby concrete Caracas headquarters, once brimming with suited executives, military officers are now in charge of operations. Workers say offices in Quevedo’s penthouse sanctum remain luxurious. But in the run-down halls below, socialist propaganda, including portraits of Fidel Castro and Ernesto “Che” Guevara, is among the scant decor left on the walls..
The shift toward military management was the result of a purge of PDVSA leadership photo engraved cufflinks. Allegations of corruption have been rife across the Venezuelan government in recent years; Maduro himself is the target of U.S. sanctions for graft and human rights violations, which he denies. In 2017, the president leveled his own accusations against PDVSA, describing it as a den of “thieves.” He accused many former executives of skimming from contracts and laundering money and argued that their graft worsened the country’s crisis..