PDVSA

The Petróleos de Venezuela SA ( PDVSA ) is the largest oil company in Latin America and Venezuela's largest exporter. It was founded in 1976 as part of the nationalization of the oil industry in the country and known under the abbreviation Petroven.

Production and Reserves

The PDVSA produces crude oil, especially in the Orinoco Belt and near Maracaibo, the second largest city in Venezuela. By 2006, a bitumen - water emulsion, called Orimulsion was produced, which was set production for ecological, economic, technical and political reasons. In addition, natural gas and coal are promoted and made ​​petrochemicals. Petróleos de Venezuela refined oil, exploring new sources and markets raw materials and products.

According to the annual report PDVSA promoted in 2007 2.9 million barrels of crude oil daily, which corresponds to the majority of Venezuela's total production of 3.15 million; the maximum funding potential is specified to 3.6 million. The numbers, both the promotion and the capacity concerning However even stated by OPEC significantly lower. The reserves are indicated with currently more than 99 billion barrels ( compared with a total funding of approximately 61.5 billion barrels in the period 1914-2007 ).

Economic Development

PDVSA had $ 2007 a ​​consolidated turnover of 96.2 billion (2006: U.S. $ 99.3 billion ) and an operating profit ( EBIT) of 25.9 billion U.S. dollars (2006: 23.5 billion U.S. $ ), the 2007 net income was $ 6.3 billion, after deduction of a tax of U.S. $ 14.1 billion for social projects in the country and corporation tax of U.S. $ 5.0 billion.

Observers see the risk that the company is no longer sufficient funds to invest in their own production facilities available through the high taxes to the state are available to maintain the current funding level. According to the annual report of PDVSA 's total production of crude oil in 1997 was 2.4 million barrels a day and has increased to 3.1 million in 2006 and 3.15 million in 2007. In the OPEC report, the volume pumped in 2007 indicated only 2.4 million barrels per day.

Investments

  • Citgo Petroleum Corporation, USA 100 %: PDVSA acquired in 1986 a 50 % share of the gasoline distributors Citgo; In 1990, the remaining 50 % was acquired. Since then, PDVSA is a major supplier of gasoline and other petroleum products in the United States.
  • Nynas Petroleum, Sweden 50% (the remaining 50 % is owned by Neste Oil )
  • Bahamas Oil Refining Company ( BORCO ), PDVSA is one of the oil tank storage terminal
  • HOVENSA LLC refinery, U.S. Virgin Islands, Amerada Hess Corp. joint venture with.
  • Isla refinery, Curaçao leased,

A 50 % stake in Ruhr Oel GmbH 2010 held a joint venture with BP Germany (originally with the VEBA Oel AG ), the four refineries ( Gelsenkirchen, Neustadt, Karlsruhe and Schwedt ) and two petrochemical plants ( Gelsenkirchen - Moreover, it was from 1983 and Muenchsmuenster ) operates in Germany. In October 2010, PDVSA sold his share for $ 1.6 billion to the Russian state oil company Rosneft.

General strike

Which is closely tied to the old governments - - On 2 December 2002, the roof union federation CTV called together with business organizations a general strike to force the Venezuelan President Hugo Chávez to resign.

In the oil industry, he took the character of direct sabotage: The company INTEASA, a joint venture between Petroleos de Venezuela and the U.S. defense contractor SAIC, was responsible for the computer science and computer control of oil production. In particular, officers of the company were able to bring Venezuela's oil production to a virtual standstill by drove down the conveyors by software command, and then destroyed the control system. The economic damage caused by sabotage of oil production amounted to eight to ten billion dollars. Gross domestic product fell by 8.9 percent in 2002 and in 2003 by 9.4 percent. It took until April 2003 to all major oil installations could be put back into operation.

The government replaced then responsible for the sabotage by employees loyal staff, 18,000 employees, mostly managers, executives and professionals lost their jobs as a result. Since 2003, revenue of the national PDVSA be used to fund social programs in Venezuela.

On the initiative of Hugo Chávez, PDVSA and the government of the U.S. state of Massachusetts agreed in November 2005 on a project that is in need in Boston during the winter months by 40 % of subsidized fuel oil through its subsidiary PDVSA based in the U.S., Citgo gave to. Other agreements were concluded with states and cities in the northeastern U.S., such as the Bronx, New York, Maine, Rhode Iceland, Pennsylvania, Vermont and Delaware. The program had a circumference of 1.2 million barrels. Even in subsequent winters 2006/2007 and 2007/2008 Compatible PDVSA / Citgo in need in the United States with cut-price by 40 % heating oil. The program was in winter 2007/2008 a volume of 425.6 million liters.

In 2007, foreign oil companies were forced to sell part of its stake in oil fields in Venezuela to the Venezuelan state, so that PDVSA came up with a majority stake of at least 60 %. ExxonMobil had refused to leave his shares, and on the other hand brought before courts in the United States, Britain and the Netherlands. After freezing of assets of PDVSA in the amount of twelve billion dollars by a British court PDVSA stopped in February 2008, the crude oil sales to Exxon and continued the business from.

In March 2008, however, this Court overturned the sanctions against PDVSA, including freezing the assets of 12 billion U.S. dollars. In addition, Exxon must PDVSA will refund the cost of the dispute. The judge ruled that such sanctions are usually found only in strong evidence in respect of a serious international fraud. But in this case there were no signs of any fraud on the part of the Venezuelan oil company. He also considered that British courts had no jurisdiction because the PDVSA is neither a British company, yet maintains branches or bank accounts in the UK.

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