The Policy Process in a Petro-state: An Analysis of PDVSA's (Petróleos de Venezuela SA's) Internationalisation Strategy
The high degree of international vertical integration achieved by the Venezuela state oil enterprise, Petroleos de Venezuela S.A. (PDVSA), has placed it among the most important oil multinationals. The policy of creating downstream outlets through the establishment of foreign direct investment in the form of refinery assets was given the term internationalization. Besides enabling PDVSA to expand market share and gain access to specific know-how, the internationalization policy provided industry policy-makers with a way of maximizing corporate decision-making freedom, farther away from the government's financial demands and Congress meddling.
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acquisition agreement Alfonzo Ravard August August 12 barrel Caracas Central Bank Citgo commercialisation Congress context contract with Veba COPEI corporate country's Curacao decision decision-making DFIs economic Energy Minister enlarge market share establishment executive expansion Gelsenkirchen government policy-making government's heavy crude Humberto Calderón Berti Idem important increase industry policy-makers industry's policy choice Interview investment Jaime Lusinchi joint-venture legislature legitimacy levels Llatas Lusinchi million b/d minimise Minister of Energy Ministry Nationalisation Law nationalised oil industry negotiations netback deals November 19 Nynas oil companies oil managers oil market oil MNs oil policy oil sector OPEC OPEC's operations Orinoco Belt PDVSA PDVSA's internationalisation policy PDVSA's policy-makers PDVSA's president PEMEX Petroleum Petzall phase of policy policy implementation political actors production purchase quotas refinery assets abroad refining capacity Reimpall result role Ruhr Oel Salomon Brothers Saudi Saudi Arabia significant Sosa Pietri Veba Oel contract Veneconomia Venezuela venture vertical integration