When Socialism begins to fail, add more Socialism. Maybe it will work.
Via Reuters:
The general appointed to run Venezuela’s energy sector will bring more military officials into the senior ranks of state oil company PDVSA during a major shakeup intended to root out corruption, two company sources told Reuters on Monday.
Unpopular leftist President Nicolas Maduro on Sunday named Major General Manuel Quevedo to lead PDVSA [PDVSA.UL] and the Oil Ministry, giving the already powerful military more clout in the OPEC nation.
Industry sources said the appointment could quicken a white-collar exodus from PDVSA and worsen operational problems at a time when production has already tumbled to near 30-year lows.
“The order given is to militarize PDVSA in key areas,” said a PDVSA employee, asking to remain anonymous because he was not authorized to speak to media.
A second source said he was told military officials would take over key production divisions in Venezuela’s east and west.