PDVSA cannot account for $11bn over ten-year period

PDVSA cannot account for $11bn over ten-year period

Venezuela’s state oil firm PDVSA (Petroleos de Venezuela SA) cannot account for $11bn between 2004 and 2014 a government commission said on Wednesday, according to Reuters.

The chairman of the Congressional Investigations Commission made a connection between the missing fortune and the rampant corruption at the firm which has seen it accused of black market currency schemes and laundering drug money as well as executives taking kickbacks.

The news comes two days after the firm – which has significant offshore production interests and is one of the biggest oil producers in the Americas – said it had failed to get investors to agree to extend debt payments by three years.

It makes bankruptcy a looming possibility for the company that has been a major generator of income for the state.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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