Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
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Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
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PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels per day.
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In 2002, many PDVSA employees went on strike against the policies of Chavez, who in response fired over 19,000 workers from the company.
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PDVSA saw stagnant growth in the following era which was defined by a boom in oil prices.
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Many ex-PDVSA employees moved to Alberta, where the oil consistency is similar to that of the Orinoco.
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The minister said: "PDVSA is red [the color identified with Chavez's political party], red from top to bottom".
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In 2012, PDVSA focused in hiring only supporters of the president and PDVSA revenue was used to fund Venezuela's "socialist revolution".
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PDVSA has since formed its own militia, which all employees join on a voluntary basis, to ward off a potential "coup" by the government.
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In 2005 PDVSA opened its first office in China, and announced plans to nearly triple its fleet of oil tankers, to 58.
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PDVSA has still not filed its 2004 financial results with the US Securities and Exchange Commission that were due in June 2005.
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In February 2012, PDVSA paid $255 million to ExxonMobil in compensation for nationalization of ExxonMobil's Venezuelan assets in 2007 and $420 million to be paid beginning in 2012 to US firms Williams Cos Inc and Exterran Holdings, Inc for natural gas assets nationalized in 2009.
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The repeated poor performances of PDVSA are heavily linked to Venezuela's current hyperinflation crisis.
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Between 1999 and 2017 PDVSA earned an estimated $635 billion in revenue and produced an additional $406 billion worth of oil.
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Since 2015, a US Justice Department investigation into PDVSA corruption resulted in 12 guilty pleas pertaining to a bribery scheme between PDVSA and its contractors; This scheme involved members within the company who would insure favorable treatment of vendors in exchange for kickbacks.
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PDVSA was, despite dwindling performance, able to add Russia's Rosneft as an extraction partner in 2013, with the anticipation of extracting 2.
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On October 30,2018 PDVSA paid $949 million on its Citgo backed bond to investors, a payment many analysts thought was impossible for the company given its recent liquidity struggles.
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The next payment is due in April 2019; whether or not PDVSA will make a full payment is uncertain as Venezuela has been completely insolvent with the rest of their $60 billion debt.
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