Reuters: Maduro taps major general to lead Venezuela's deteriorating oil industry
CARACAS (Reuters) - Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA [PDVSA.UL] and the Oil Ministry as the OPEC member labours under near 30-year lows in oil production.
Industry analysts and sources said the surprise appointment of Manuel Quevedo, a former housing minister with no known energy experience, was a bad omen for the country’s already deteriorated oil industry.
Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world’s largest crude reserves. He will have to tackle corruption scandals and an attempted debt restructuring, within the context of a deep recession and debilitating U.S. sanctions.
“The time for a new oil revolution has come,” leftist Maduro said in his televised Sunday address, urging Quevedo to purge PDVSA of corruption.
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WNU Editor: So the Army now runs Venezuela's oil industry. I doubt that this is going to work out well in the long run.
More News On Venezuela Appointing A General (With No Oil Experience) To Run The Country's Oil Company
PDVSA: Maduro names general to head Venezuela oil firm -- BBC
Venezuela Names General to Lead State Oil Firm During Turmoil -- Bloomberg
Venezuelan General With No Oil-Industry Experience to Lead State Sector -- WSJ
General named to head debt-ridden Venezuelan oil company -- Channel News Asia
Venezuela: Maduro Names General Quevedo as PDVSA & Oil Ministry Head (VIDEO) -- Latin American Herald Tribune
2 comments:
we have president with no experience running our country
Anon,
Benighted you are
Trump has ran a corporation and his campaign.
Obama merely ran his presidential campaign and the Annenberg Challenge for Chicago, which showed no statistical difference between students helped and those that were not helped. But Bambam got to spread around $ 160 million for no result.
"Anderson Cooper asked Barack Obama last night to answer the claim that Sarah Palin has more applicable experience than he does. In response, he completely ignores Palin’s status as governor, and then makes the claim that a campaign counts as executive experience:
...
BO: "Well, you know, my understanding is that, uh, Governor Palin’s town of Wasilly [sic] has, uh, 50 employees, uh, uh, we’ve got 2500, uh, in this campaign. I think their budget is maybe $12 million a year. Uh, uh, we have a budget of about three times that just for the month. Uh, so I think that, uh, our ability to manage large systems, uh, and to, uh, execute, uh, I think has been made clear over the last couple of years. Uh, ..."
From CBS
"Barack Obama would have you believe that, after 20 years of friendship, he had no idea the Rev. Jeremiah Wright was a bomb-throwing racial demagogue. And that after 15 years of what he described as a close friendship, he had no idea Tony Rezko was a crook.
Similarly, this week, his campaign claimed that when Obama entered William Ayers's home in 1995 to raise money for a state-senate run, the future presidential hopeful didn't know Ayers was a former terrorist.
So by his own account, Obama wanders through life completely unaware of his surroundings."
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