Venezuela officials plan to split PDVSA into two operations

Members of Venezuelan President Hugo Chávez's beleaguered administration announced plans to split state oil corporation Petroleos de Venezuela SA (PDVSA) into two operations, one responsible for all of the company's activity in eastern Venezuela and the other, for activities in the west.Administration officials claim their goal is to improve the company's "agility" by dispersing decision-making to lower managerial levels and cutting corporate costs by reducing what Venezuelan Energy Minister Rafael Ramirez described as "a bureaucratic concentration of more than 7,000 employees" in Caracas, the capital city.Ramirez claimed those employees are responsible for $1 billion in ...

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