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jose chalhoub

Latest developments in Venezuela's oil sector...

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Watching how the oil industry has evolved in Venezuela in the last weeks, it seems that venezuelan government is desperate searching for fresh investments, remodelling the framework for foreign companies to invest in oil fields with PDVSA, also now the company with plans to redesign itself after a new change of directive and also now President Maduro having flown to China and allegedly having achieved another loan from Beijing for about 5 billions of dollars to be paid with oil. But also the other side of the story is that oil workers wont be getting a raise of wages and apparently they will be earning the newly announced minimum wage by the government which will be around 30$ monthly, which is ridiculous and will be prompting more and more emigration of skilled oil workers overseas. Even if the government is trying suddenly to reorganise the industry it seems it will not go anywhere for now.

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