Abstract
Fitch Ratings believes that the unprecedented strike that paralyzed Venezuela between December 2, 2002, and February 3, 2003, marks an important watershed in the modern development of Venezuela9s hydrocarbon industry, akin to nationalization, adoption of the internationalization strategy in the 1980s, or the oil opening in the 1990s. While the political crisis has undermined Venezuela9s image as a reliable crude oil supplier, Fitch believes that PDVSA will continue to be an important player in the global energy market. However, the widespread cut among the company9s seasoned professionals will adversely affect PDVSA9s stand-alone ability to formulate and execute long-term strategic objectives and business plans. While all PDVSA-related transactions, including PDVSA Finance, Petrozuata, Cerro Negro, Sincor, Hamaca, Merey Sweeny, and HOVENSA, are affected by the political crisis, the magnitude of the rating impact has varied depending on their level of direct exposure to PDVSA.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
