Petrozuata Case StudyPetrolera Zuata, Petrozuata C.A.Voilis Athanasios1) Introduction – Case StudyIn 1976, after nationalization of the domestic oil industry a stated owned enterprise Petroleos de Venezuela S.A. (PDVSA) was established for the purposes of managing the country’s hydrocarbon resources and promoting economic development. It was the world’s second largest oil and gas company with reserves in Venezuela and refineries across the Europe, United States, and the Caribbean. Domestically, PDVSA provided 78% of Venezuela’s export revenues, 59% of the government’s fiscal revenues, and 26% of nation’s GDP and had a reputation of being one of the best managed national oil companies.In 1990, PDVSA started an ambitious long-term project, which main aim was to double its domestic production and expand international markets. For the implementation of this venture, the company needed to raise investments for approximate amount of USD$ 65 bn. At that time neither PDVSA nor Venezuelan government had the possibility to finance the underlined expansion.
