Pagliacci

Abstract:

This paper seeks for common understanding about the relations between the Venezuelan government and Pdvsa in devising the oil policy. The use of qualitative indicators allows for setting out some aspects related to the devising process of oil policy in Venezuela from nationalization to 2006: a) After nationalization, each party embodies a diverse character as to oil business development. b) During oil opening, the guidelines of the Executive and Pdvsa showed a high degree of similarity, easy to explain when considering Pdvsa had been positioned strategically as the head entity with respect to oil policy guidelines. Thus, Pdvsa took over the design of the oil policy, which increased its political and economic power. c) The expansion of oil activities emerged from the progressive reduction of governmental tax resources. d) As from 2004, the model in which the government delegates functions to the industry is finally …

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