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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).
By interrupting the foreign exchange handled by the Central Bank, PDVSA purchases of production supplies were impacted. [ 155 ] The Venezuelan banking sanctions caused a rippled effect in that the New York Federal Reserve decided to restrict opening of new accounts in Puerto Rico's offshore banking industry, and planned tighter restrictions in ...
Over a hundred employees at Venezuela's state oil company PDVSA, plus others in the oil ministry and parts of the public sector, have been forced to resign over their political views since last ...
Bank S A Banco de Venezuela: Financials Banks Caracas: 1890 Bank S A ... PDVSA: Oil & gas Exploration & production Caracas: 1976 State oil & gas S A PDVAL: Consumer goods
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 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.
Central Bank of Venezuela Building. The Central Bank of Venezuela (Spanish: Banco Central de Venezuela, BCV) is the central bank of Venezuela.It is responsible for issuing and maintaining the value of the Venezuelan bolívar and is the governing agent of the Venezuelan Clearing House System (including an automated clearing house).