often noted, can bring a country both wealth and woe. In Venezuela, by some measures home to the world’s largest proven oil reserves, it has mostly been the latter of late. Petróleos de Venezuela saw production peak in 1998, when Hugo Chávez was elected president. In the years that followed the left-wing tribune and his authoritarian successor, Nicolás Maduro, purged’s professional staff, strong-armed its international partners and raided its coffers.
Some politicians and executives also used the companies as personal piggy banks—the second common problem. Corruption scandals rocked Petrobras, Petroecuador and Pemex, as well as. Petrobras took a particular nosedive when it emerged that construction firms paid Brazilian politicians billions of dollars in bribes in exchange for padded contracts to build refineries and other infrastructure.
Still, Petrobras remains vulnerable to political undulations. Last year the government reintroduced petrol subsidies to appease angry lorry drivers. Mr Parente resigned and Petrobras shares took a knock. Jair Bolsonaro, Brazil’s new president, appointed Roberto Castello Branco, a well-regarded economist who had served on the company’s board and looked set to continue Mr Parente’s market-friendly policies.
Latin America’s other state oil champions are minnows next to Petrobras and Pemex. But their experiences are nevertheless instructive. In Argentina, the oil industry has been scarred by the decision in 2012 by the then president, Cristina Fernández de Kirchner, to renationalise 51% of, privatised 19 years earlier. Ms Fernández’s market-friendly successor, Mauricio Macri, has made it easier for foreign firms to invest in the country.
Difficult for Sociologists to discard a “corruption-gene” isn’t involved in such a phenomena
Economist forgot British Petrolleum and Shell.
It happened because of the socialist bias in those countries, which you supported for so many years...
And socialism*
And Chile
Olvidaron la catastrofe ecologica que petroperu_sa nos impone en 1 oleoducto desprotegido. La industria sabe eliminar o limitar las fugas. Recordemos que Boeing ha sido condenado por el 11N por proteccion insuficente de cabinas. Petroperu es responsable!
Blame Obama...
I, for one, am shocked.
Can't wait for clean energy to take over!
'Corruption scandals' manufactured by militant judges so that multi-national corporations could inherit the markets lost by them
decades of governments with left-wing ideologies have generated corruption, coups and attempted coups to stifle democracy. In Brazil the governments of Luis Inácio and Dilma were the most corrupt in the world.
Very funny how you define corruption. A public company can be corrupted but a private one no. If a private company is involved in a corruption scandal then it is not the company who is corrupted but the state. Very convenient definition
Campaign of terror for south american citizens to press for the exploitation of natural resources to be sold to rich countries at egg prices.
'Yo tengo otros datos'
Petrobas bankrupt, one of he Brazilian Workes Party legacy.
Three words: state run cartles
kazuotakahashi ジャンク級ですか。メキシコ財政に直結する大問題です。
Let me guess. Petrobras surprised every one and paid in advance half its debt,'cause that's the only way for Pemex to surpass Petrobras since Mexico's New Government hasn't acquired or increased any new debt recently!...on the contrary,it has reduced its overall debt!! :)))
Pero vamos “requetebién”....
woow they deserves a gold trofeu cause its rlly a hard task 👏👏
👍
The problem is the anti-corruption team
La herencia moral de la España católica
Too many hands are reaching into this pot (also foreign ones) for this issue to be tackled any time soon.
But always worthy of foreign direct investments. As well as lucrative capital markets mandates for international banks and law firms. disruptthestatusquo
Se les acabo el corrido...
Don’t forget bout YPFB in Bolivia
corruption is the cancer destroying Latin America
Because of the Western propped chaos?
They are cash cows for the ruling elite...+ only struggle if they serve the people...
Also YPF from Argentina too
The saddest thing is that they don’t know how to make deals to benefit them and their population- it will happen what happened in Africa. Nothing different. Guess who’s the biggest vilains are? (...) 👀
giu33liana eni exxonmobil Total Shell omv Saudi_Aramco SonatrachBRK Chevron chinapetro Petronas ecc. (ho dimenticato qualcuno?) sono immuni invece? Chiedo Cinzia_Bianco SissiBellomo limesonline
Should we be surprised?
There is Homeland of Corruption
pdvsa was to space kkkkk
The problem with petrobras is the corruption of the 'investigation'
It's almost as though government controlled industies are a bad idea. 🤔
You mentioned that the oil production at the Cantarell oil field went from 2m barrels/day in 2014 to 80,000 now. I guess you meant 2004. A decline that fast would make Pemex engineers look even worse.