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In political storm, Venezuela state-run oil company PDVSA drifts further

Reuters  |  CARACAS/HOUSTON 

By Alexandra Ulmer and Marianna ParragaCARACAS/HOUSTON (Reuters) - To survive months of street protests and an economy in tailspin, Venezuelan President Nicolas Maduro is trying to turn state oil company PDVSA into a bastion of support, further degrading an already vulnerable enterprise. Political appointees are gaining clout at the expense of veteran oil executives, while employees are under mounting pressure to attend government rallies and vote for the ruling Socialists. The increasing focus on politics over performance is contributing to a rapid deterioration of Venezuela's oil industry, ...

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First Published: Tue, August 08 2017. 22:51 IST
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