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Latin America
Related: About this forumOutlook grim in Venezuela's essential oil industry
http://news.yahoo.com/outlook-grim-venezuelas-essential-oil-industry-143827999.htmlMORON, Venezuela (AP)
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"It doesn't help us at all," Boet, 58, says as a blackout snuffs the lights in his shop in this Caribbean coastal town. He closes before dusk. Too many robbers.
The oil flowing from the El Palito refinery sells for more than five times what it cost when President Hugo Chavez took office in 1999. Yet when Chavez died in March he left Venezuela's cash cow, its state-run oil company, in such dire straits that analysts say $100-a-barrel oil may no longer be enough to keep the country afloat barring a complete overhaul of a deteriorating petroleum industry.
The situation is more urgent than ever, analysts say. The price of crude has slumped in recent weeks and Chavez's heir, Nicolas Maduro, appears to have done little to address declining production, billions in debt and infrastructure deficiencies that have caused major accidents including a blaze that killed at least 42 people at Venezuela's largest refinery last year.
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Venezuela has the world's largest oil reserves but PDVSA's production, earnings and income all appear to be on a downward slide and its debts to suppliers rose 35 percent. Its debt to the Central Bank of Venezuela reached $26.19 billion last year, a nearly eight-fold increase in two years.
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Outlook grim in Venezuela's essential oil industry (Original Post)
Bacchus4.0
May 2013
OP
Zorro
(15,740 posts)1. Maybe Manuro should bring in Cubans to manage the oil industry
I believe they're already in charge of managing the electricity distribution infrastructure.
idwiyo
(5,113 posts)2. Yeah, that, and banks, and media, and horisontal, and vertical...
ocpagu
(1,954 posts)3. LOL. They're coming.