Research web log of Justin Wedes and Fernando Delgado - students from the University of Michigan, doing independent study in Venezuela on the oil sector,summer 2005. Instructor is Tom O'Donnell, of the UM Residential College.
Petroleos de Venezuela (PdVSA) will send 30,000 barrels of oil a day to PetroChina for at least a year. PdVSA is Latin America's largest oil exporter and 5th largest in the world, sending 2/3 of its exports (1.5 million barrels/day) to the U.S.
US Security and Exchange Commission (SEC) is investigating the 2005 financial records of Citgo, a subsidiary of Venezuela's nationalized Petroleo de Venezuela (Pdvsa).