Venezuela's PDVSA trading chief leaves as exports fall, fuel shortages grow

CARACAS (Reuters) - The top trade and supply official at Venezuelan state oil company PDVSA has left the post, according to a recent copy of the government's official gazette, as the OPEC nation's crude exports fall after U.S. sanctions and gasoline supplies dry up.

Reuters June 18, 2019 04:05:35 IST
Venezuela's PDVSA trading chief leaves as exports fall, fuel shortages grow

Venezuelas PDVSA trading chief leaves as exports fall fuel shortages grow

CARACAS (Reuters) - The top trade and supply official at Venezuelan state oil company PDVSA has left the post, according to a recent copy of the government's official gazette, as the OPEC nation's crude exports fall after U.S. sanctions and gasoline supplies dry up.

Jose Rojas Reyes, who was named vice president of trade and supply last October, is no longer on PDVSA's board of directors, according to a decree in the gazette dated June 12. Marcos Rojas, who remains vice president of international affairs, has assumed the role on an interim basis.

Rojas Reyes' departure comes as PDVSA, which was already reeling from corruption, mismanagement and underinvestment, was hit this year by Washington-imposed sanctions preventing U.S. companies from importing Venezuelan oil, part of the Trump administration's effort to oust socialist President Nicolas Maduro.

The company's exports of crude and refined products fell 17%in May from the previous month to 874,500 barrels per day. A plunge in gasoline imports due to the sanctions, coupled with severe refinery outages, have forced motorists to wait hours or even days to fill their tanks.

Neither PDVSA nor Venezuela's oil ministry immediately responded to a request for comment. Reuters was unable to reach Rojas Reyes.

Manuel Quevedo, a National Guard general who also serves as Venezuela's oil minister, remains as chairman of PDVSA, according to the decree.

Critics say PDVSA has done little to stem the fall in production since Quevedo's 2017 appointment ushered in a new era of military rule at the firm.

Rojas is also a National Guard general and previously held jobs at the Defense Ministry and the Housing Ministry, which Quevedo led before his surprise appointment to lead PDVSA.

(Reporting by Luc Cohen; Editing by Bill Berkrot)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.