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Article: Venezuela government shakeup mixed news for oil industry.
- Article from:
- The Oil Daily
- Article date:
- February 27, 1992
- Author:
CopyrightCOPYRIGHT 1992 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It is too early to tell whether a reshuffing of Venezuela's cabinet will prove to be favorable for foreign investment through joint ventures with the state oil company, Petroleos de Venezuela (PDVSA), sources in Caracas and the oil industry tell The Oil Daily.
The shifting of Celestino Armas from energy and mines minister to presidential secretary -- the equivalent of chief of staff for President Carlos Andres Perez--is generally seen as favorable for PDVSA and foreign investors. Armas has favored tighter government controls over PDVSA, and that tends to frighten off investors.
Possible Budget Cut
But the government shake up also may mean a ...