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Venezuela also has 150 trillion cubic feet (4.2 × 10 12 m 3) of natural gas reserves. The crude oil PDVSA extracts from the Orinoco is refined into a fuel eponymously named 'Orimulsion'. [12] PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels (640,000 m 3) per day (600,000 m 3).
On 29 August 1975, during the tenure of President Carlos Andrés Pérez, "Law that Reserves the Hydrocarbon Industry to the State" was enacted and the state-owned company Petróleos de Venezuela (PDVSA) was created to control all oil businesses in the Venezuelan territory. The law came into effect on 1 January 1976, as well as the ...
The Coordinadora Democrática, led by the business federation Fedecámaras and the trade union federation Confederación de Trabajadores de Venezuela (CTV), called for a fourth paro cívico, which turned out to be the most serious, and is known as the 2002–2003 oil strike, to begin on 2 December 2002.
Long lines of vehicles at a gas station on 10 December 2002. At the beginning, the strike only involved the companies of the employers' association and the unions affiliated to the Workers Federation, but soon PDVSA's directors and employees at the management level decided to support it. As such, the country was practically paralyzed.
The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as Hovensa, it supplied heating oil and gasoline to the U.S. Gulf Coast and the eastern seaboard with the crude mainly sourced from Venezuela. Previously it had sourced its crude feedstock from a number of other countries including Libya.
In fact, the U.S. natural gas price forecast looks to be going up, according to Diversegy. Leon Turkin,a mortgage broker, financial expert and CEO at Turkin Mortgage, ...
The executive branch is allowed to move money appropriated by Congress from one agency to another within a department, and this Trump administration would not be the first to do so in order to ...
Companies in the petroleum sector evaded the sanctions on Venezuela's state-owned oil company, PDVSA, to continue oil shipments. In October 2023, the administration of Joe Biden temporarily lifted some U.S. sanctions on the oil, gas and gold industries in exchange for the promise of the release of political prisoners and free 2024 elections.