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PDVSA to get 40 percent of valve manufacturing company Inveval
CARACAS
Petroleumworld.com, Nov 05, 2009As part of its socialist economic model, the Venezuelan government promoted business co-determination, but the results have not been satisfactory and government officials are seeking to change the model.
Some time ago, Chávez administration said that the management of companies should be in the hands of the government and workers. That was the case of the valve manufacturing company Inveval. However, the company will be transformed into Insuval in 2010.
The new company will have a different ownership: 60 percent of the shares will be controlled by the State, whereas the state-run oil company Petróleos de Venezuela (Pdvsa) will own the remaining 40 percent. The goal of the company is to provide inputs required by the Venezuelan oil industry.
Pdvsa is currently importing valves because Inveval does not meet the needs of the state-owned oil company.
Story from El Universal
El Universal 11/04/2009
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