A long-proposed sale of Citgo, the US subsidiary of Venezuela’s state oil company PDVSA, is once again making some waves. Rafael Ramírez, the powerful boss of PDVSA who is also oil minister and deputy president for the economy, said this month that a sale could go ahead “as soon as we receive a proposal that serves our interests.”
But in the US on Wednesday, Joe García, an energy savvy Democratic Congressman from Miami, urged the Obama administration to block the sale. Continue reading »
The revolving door at Venezuela’s oil sector continued to spin on Wednesday after Lukoil, Russia’s second largest oil producer, said it was withdrawing from a multi-billion dollar oil project in the country’s heavy oil rich Orinoco basin.
The news comes just a month after Malaysia’s Petronas pulled out of another big project. Continue reading »
Venezuelans are waiting anxiously for some kind of economic adjustment, which some have interpreted to mean there may be a devaluation in the works after it was announced last week that the measures would “develop the export capacity of the economy”. Continue reading »