In an interview published Sunday, Venezuelan Finance Minister Rodolfo Marco said will South American country will not sell Citgo Petroleum Corporation to the United States. Citgo is the U.S. subsidiary of the Venezuelan state owned oil company, Petroleos de Venezuela, S.A. (PDVSA).
Venezuelan foreign minister Rafael Ramirez alerted press Friday that his cabinet has “received instructions from the president to request an extraordinary OPEC meeting.” Ramirez was the head of state-owned petroleum corporation PDVSA until a September cabinet shakeup.
On Thursday, The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxon Mobile Corp for the 2007 nationalization of the oil company’s holdings in the country should only be 13% of the amount that the transnational company claimed that it was owed.
As Venezuelan president Nicolas Maduro combats corruption, reassigns half of ministry positions, launches “a new stage of the revolution,” and even hints at a minimum wage increase for November, the question remains what economic steps will be taken to reverse the high inflation that critics are quick to associate with his leadership.
Venezuela’s Vice President for the Economy, Rafael Ramirez, has outlined planned changes to the exchange rate system, oil exports and gasoline subsidies as part of a strategy to achieve macroeconomic stability and overcome current economic problems.
Yesterday Venezuelan Air and Maritime Transport Minister, Herbet Garcia Plaza, announced the government had reached an agreement with representatives of leading international airlines to regulate the cost of air travel to and from the country.
El Salvador was confirmed this morning as an official member of Petrocaribe, an alliance forged by late Venezuelan leader Hugo Chavez with many Caribbean states to promote economic and social integration by trading oil at preferential prices.