Venezuela Moving Towards Oil Industry Restructuring

(Energy Analytics Institute, Aaron Simonsky, 4.Jan.2017) – “Venezuelan President Nicolas Maduro says ‘we’re going towards a restructuring of the (oil) industry’ and names Nelson Martínez, the actual president of Houston-based Citgo Petroleum Corporation, as Venezuela’s Petroleum Minister. Martínez replaces Eulogio Del Pino in this position. Del Pino retains his post as the president of PDVSA.

The announcement is a departure from the dual post assignments held by Del Pino and his former boss Rafael Ramirez, who also simultaneously held the posts of oil and mining minister and president of PDVSA, as the Caracas-based company is known. I view any separation of persons and/or powers between the two entities (PDVSA and the oil ministry) as a good starting point for further restructuring and much-needed and welcomed restructuring to come to the industry, if it indeed does,” wrote contributing writer Pietro D. Pitts in a series of Twitter posts.

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