Middle East Economic Survey


No 47


PDVSAs Refinery Acquisition Program: A Shareholders Perspective

By Juan Carlos Boue

The following article was written for MEES by Mr Boue, a Senior Research Fellow at the Oxford Institute for Energy Studies.

Internationalization was the name given to a longterm strategic investment program implemented by the Venezuelan national oil company, PDVSA, from late 1982 onwards. The avowed objective of the program was to integrate vertically ...