The Venezuelan government conducted a shake-up of its state-owned oil company, PDVSA, in an effort “to root out corruption,” says Nicolas Maduro, the country’s president. He kept the current president, Eulogio Del Pino as the CEO and then created a new executive vice president position, supported by new VPs of Finance and Exploration, with the mandate to clean-up the organization, which has been dogged by charges of corruption, smuggling, kickbacks, and bribery for many years.
“We have to clean out the corruption that has incubated in the oil industry,” Maduro told the nation in his weekly radio broadcast. “I call on all the oil workers to forcefully defeat corruption.”
According to a Reuters new report, Venezuela is “battling triple-digit inflation, a severe recession as a result of low crude prices, and an unravelling socialist economic system, leaving millions of citizens struggling to eat and waiting for hours in supermarket lines.
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