To survive, Venezuela leader gives up decades of control over oil | World News,The Indian Express

To survive, Venezuela leader gives up decades of control over oil | World News,The Indian Express

To survive, Venezuela leader gives up decades of control over oil

FEBRUARY 9, 2020 10:51:09 AM

Under Venezuelan law, the state-run oil company must be the principal stakeholder in all major oil projects. But as that company, Petróleos de Venezuela, or PDVSA, unravels — under the weight of U.S. sanctions, years of gross mismanagement and corruption — the work is unofficially being picked up by its foreign partners.