Venezuela: Venezuela’s President Nicolás Maduro has signed a decree creating of a new technical commission tasked with restructuring the country’s state-owned oil firm, Pdvsa, and all of its subsidiaries. According to the decree published in the official gazette, the five-member committee will be “transitory” and has until 31 December to come up with an organisational restructuring plan for Pdvsa “to achieve greater efficiency in obtaining its goals and objectives”. The committee has also been tasked with coming up with a new financial plan for the ailing firm. The creation of the committee comes after last year Maduro called for a major overhaul of Pdvsa so as to stamp out corruption at the firm, which had undermined its finances, and boost flagging production levels, which have been in decline due to chronic under investment.
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