Venezuela's president on Sunday created
an executive vice president post and named new vice presidents to lead PDVSA in
what he described as a shake-up of the state oil company and an effort to root
out corruption in the OPEC nation's principal industry. Venezuelan President
Nicolas Maduro kept Eulogio Del Pino as PDVSA president but created a new post
of executive vice president while naming vice presidents in areas including
finance and exploration. PDVSA has been dogged for years by corruption ranging
from lucrative smuggling of heavily subsidized fuel to kickbacks and bribery
that led to prosecution of U.S.-based contractors who did business with the
company. More…
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