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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 ...
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).
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.
Hovensa ultimately restarted the refinery in January 2021 after almost a decade offline. During a gas flare incident in May 2021, oil droplets emitted from a smokestack rained down on nearby houses, fouling rainwater collection systems. [11] Residents across the island reported feeling nauseous and ill from the release of fumes. [12]
[3] [4] In February 2005, after a PDVSA subsidiary had taken a stake in the joint venture, the project again received approval. [3] ConocoPhillips was the operator of the field and owned 32.5% of the project, with PDVSA through subsidiary CVP holding 35%, Italian company Eni holding 26% and Taiwanese company CPC Corporation holding 6.5%. [2] [4]
Rafael Darío Ramírez Carreño (born August 4, 1963) is a Venezuelan engineer, politician, and diplomat.He joined the board of Venezuelan state-owned petroleum company PDVSA in 2002 and served as company president from 2004 to 2014.
On February 15, 2019, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury announced that Manuel Quevedo, along with four other officials of the Government of Nicolás Maduro, was included in the list of those sanctioned by the North American body.
In April 2020, was appointed by Nicolás Maduro to run the troubled state-run oil company Petróleos de Venezuela, S.A. (PDVSA). [1] He is the former president of Citgo, a subsidiary of Venezuela's state oil company PDVSA. [2] He has served as deputy to the National Assembly of Venezuela and Minister of Petroleum and Mining.