Venezuela's Maduro taps sanctioned VP to 'restructure' oil industry

CARACAS - Venezuelan President Nicolas Maduro said on Wednesday he would create a presidential commission to restructure the country’s beleaguered oil industry, which will be led by Vice President for the Economy Tareck El Aissami.

Declaring an “energy emergency,” Maduro set a goal for Venezuela to raise crude output to 2 million barrels per day this year, more than double current levels. The grouping will also include Asdrubal Chavez, a cousin of late leftist President Hugo Chavez who was the chief executive of PDVSA’s Houston-based refining subsidiary, Citgo Petroleum Corp, until Venezuela’s opposition wrested control of that company following sanctions last year.

So the drug kingpin is going to tell the former general how to shape up his oil business?

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Source: latimes - 🏆 11. / 82 Read more »