THE
VENEZUELAN OIL NATIONALIZATION
WAS A BAD DECISION
WHAT WE
“NATIONALIZED” WERE THE RISKS, WE ALREADY HAD MOST OF THE
BENEFITS
•
1970 LIBYA OBTAINED OIL PRICE INCREASE FROM OCCIDENTAL
•
1971 VENEZUELA
INCREASED CONTROL OF OPERATIONS
•
1973 OIL AND POLITICAL CRISIS IN THE MIDDLE EAST PROMOTED VENEZUELAN NATIONALISM
•
1975 NATIONALIZATION WAS DECREED
FOR ALMOST A DECADE PDVSA DID VERY WELL
•
DECISION TO NATIONALIZE WAS POLITICAL
•
MANAGEMENT STAYED IN HANDS OF PROFESSIONAL
MANAGERS
•
EACH NEW GOVERNMENT INCREASED POLITICAL INTERFERENCE
•
BY 1998 PDVSA
HAD LOST MUCH EFFICIENCY
IN 1999 CHAVEZ OBTAINED POLITICAL COUNTRY OF
THE
COUNTRY
FROM 1999 TO 2017
•
PRODUCTION CAME DOWN FROM 3.2 TO 1.9 MMBD.
•
EMPLOYEES INCREASED FROM 35000 TO 160000. MORE
QUANTITY, LESS QUALITY
•
COMPANY DEBT INCREASED FROM $4 BILLION TO ABOUT
$90 BILLION
•
EXPORTS TO U.S. DECREASED FROM 1.9 MMBD TO 0.6
MMBD
•
ABOUT 400,000 BARRELS PER DAY WERE GIVEN AWAY TO
“FRIENDLY” COUNTRIES, ESPECIALLY CUBA AND THE CARIBBEAN MERCENARIES FROM
PRTROCARIBE
WHY DID THIS HAPPEN?
•
MISSION WAS CHANGED, FROM OIL AND GAS COMPANY TO
“SOCIAL” COMPANY
•
OIL WAS USED AS A POLITICAL TOOL, ABOUT 600.000
BD WAS GIVEN AWAY OR PAID FOR LOANS
•
SUICIDAL DOMESTIC SUBSIDIES
•
CHANGE IN RULES OF ASSOCIATION WITH FOREIGN
COMPANIES
AND......HYPER-CORRUPTION
MAIN CORRUPTION CENTERS
•
PETROLEOS DE VENEZUELA
•
ARMED FORCES INVOLVED IN DRUG TRAFFICKING, IN CONTRABAND AND FOOD DISTRIBUTION
•
MINISTRY OF FINANCE AND FRIENDLY BANKERS
•
HANDOUTS TO FOREIGN POLITICAL ALLIES
PDVSA, HUMPTY
DUMPTY, FELL DOWN AND BROKE INTO THOUSANDS OF PIECES. PDVSA CANNOT BE PUT BACK
TOGETHER. A NEW MODEL OF OIL INDUSTRY MANAGEMENT WILL HAVE TO BE CREATED AFTER
THE NARCO-REGIME IS OUSTED FROM POWER.
No hay comentarios:
Publicar un comentario