Reuters: Maduro taps major general to lead Venezuela's deteriorating oil industry
CARACAS (Reuters) - Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA [PDVSA.UL] and the Oil Ministry as the OPEC member labours under near 30-year lows in oil production.
Industry analysts and sources said the surprise appointment of Manuel Quevedo, a former housing minister with no known energy experience, was a bad omen for the country’s already deteriorated oil industry.
Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world’s largest crude reserves. He will have to tackle corruption scandals and an attempted debt restructuring, within the context of a deep recession and debilitating U.S. sanctions.
“The time for a new oil revolution has come,” leftist Maduro said in his televised Sunday address, urging Quevedo to purge PDVSA of corruption.
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WNU Editor: So the Army now runs Venezuela's oil industry. I doubt that this is going to work out well in the long run.
More News On Venezuela Appointing A General (With No Oil Experience) To Run The Country's Oil Company
PDVSA: Maduro names general to head Venezuela oil firm -- BBC
Venezuela Names General to Lead State Oil Firm During Turmoil -- Bloomberg
Venezuelan General With No Oil-Industry Experience to Lead State Sector -- WSJ
General named to head debt-ridden Venezuelan oil company -- Channel News Asia
Venezuela: Maduro Names General Quevedo as PDVSA & Oil Ministry Head (VIDEO) -- Latin American Herald Tribune
