Monday, December 4, 2017

Venezuela's big oil purge: Auto-extinction of a socialist enterprise

In a purge as dramatic as that of Saudi Arabia or the Hollywood-media industrial complex, Venezuela has booted the most powerful names in its oil industry, with 65 officials arrested for corruption.  Unlike the other purges, this one isn't about change or lawbreaking – just gang warfare to consolidate President Nicolás Maduro's socialist grip on power. Powerful names in Venezuela's oil industry, people who've been in and out of the picture for years, went down like bowling pins in Venezuela this week.  Nelson Martínez, Venezuela's chief of the state oil company, Petroleos de Venezuela S.A. (PDVSA), was one.  Eulogio del Pino, the country's oil minister, was another.  Whoever was acting director of Venezuela's U.S. refiner and distributor, CITGO, isn't there, either. More…





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