Thomas Fox (JD Supra Venezuela)
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Red Flags Squelch Corrupt PDVSA Deal
As the Petrobras corruption scandal seems to be going strong, we turn our attention to what may be the most corrupt of all the national energy companies, the Venezuelan state oil company Petroleos de Venezuela SA (PDVSA). Business Insider ran a Reuters article, entitled “Red Flags everywhere: A sweetheart deal in Venezuela has gone too far”, by Alexandra Ulmer and Girish Gupta.
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Booking a Meeting? In Venezuela It May Cost You a Rolex
First it was Petrobras but it certainly did not take long for the second shoe to drop for the other corrupt national energy company in Latin America, the Venezuelan national oil company Petróleos de Venezuela, also known as PdVSA. Anyone in the energy space has either heard the rumors or worse, experienced how the Venezuelan government tried to use the entity as not only a cash machine but also...