Tuesday, December 20, 2005

PDVSA going down the tubes - NOT 

For the last several years we have been listening to a lot of non-sense from opposition propogandists about how PDVSA, the Venezuelan state oil company, is going down the tubes and is a shell of its former self. The employees are incompetant political hacks, production is declining, and the organization is purely third rate they say. Of course, most of this was exposed as non-sense when PDVSA's financial statements came out a couple of months ago.

But now we get some more pretty compelling evidence of what a lie all that propoganda is. In the most recent issue of the "Petroleum Intelligence Weekly" they have a ranking of world wide oil companies. Out of the 50 companies ranked PDVSA has now moved UP to 3rd place behind only Exxon-Mobil and Saudi Aramco. Not bad for a company "going down the tubes" huh?

This ranking is based on refining capacity, reserves, total sales, and net earnings among other factors. PDVSA, and all of Venezuela, should be quite proud. What this clearly shows is how PDVSA has dramatically improved since the worthless former management was given the boot. And given taht no apoligies were forthcoming after the financial statements were released I wont hold my breath for the Gustavo Coronel's and Miguel Octavios of the world to come clean and apologize for all the misinformation they've been speading. The fact that their already low credibility is further diminished is rewarding enough!


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