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Nicolas Maduro taps a high-ranking general to lead Venezuelan oil giant PDVSA

27 November 2017 , 15:27Neftegaz.RU1075

General Manuel Quevedo will be the new oil minister and head of Petroleos de Venezuela (PDVSA), working to restructure the state-owned oil giant, President Nicolas Maduro said on November 26, 2017.

 

Industry analysts said the surprise appointment of Manuel Quevedo, a former housing minister with no known energy experience, was a bad omen for the country’s already deteriorated oil industry.

 

Quevedo takes over from 2 industry veterans to become one of the most powerful players in the country, which is home to some of the world’s largest crude reserves.

He will have to tackle corruption scandals and an attempted debt restructuring, within the context of a deep recession and debilitating U.S. sanctions.

 

Quevedo, whom 2 sources close to the military identified as a Maduro ally, will take over his new roles on Monday before he is officially sworn in on Tuesday.

He vowed on Sunday to bring PDVSA closer to the ideals of late leader Hugo Chavez.

 

«We’re going to turn PDVSA into the sacred temple of the people!» tweeted Quevedo, who Maduro said would still dedicate 20% of his time to the «Grand Housing Mission», a Chavez-era project.

 

To read the news in Russian.

 

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