August 28, 2012

Venezuela Refineries Explode, Economy Implodes

Raul Gallegos, Reuters

AP Photo

Venezuela’s Amuay refinery explosion is emblematic of the Hugo Chavez curse. The blast hobbled PDVSA’s largest oil processor - as well as killing 39 people. The Venezuelan leader’s policy of placing loyalty before commercial prowess may not have caused the accident. But it has warped the nation’s business ethos. The way he has meddled in the state-owned oil company offers an apt example.

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TAGGED: PDVSA, Hugo Chavez, Venezuela

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