Petróleos de Venezuela S.A., the state oil company of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and reliable exploration, production, refining, transportation and trade in hydrocarbons.
The company is deeply committed to environmental protection and its main objectives include fostering the socio-economic development of Venezuela, guaranteeing sovereignty over its natural resources, and serving and benefiting the Venezuelan people.
The Venezuelan State is PDVSA’s sole stockholder under the provisions of the Constitution of the Bolivarian Republic of Venezuela, and represents the economic and political sovereignty exerted by the Venezuelan people over oil, their main energy resource. Therefore, PDVSA’s actions must follow guidelines, plans and strategies by the Ministry of Energy and Petroleum, as well as the norms issued under National Development Plans for the hydrocarbons sector.
PDVSA was created in 1975 by the organic law that reserves the industrialization and trade in hydrocarbons to the State (LOREICH). The company relies on the commitment of its employees to the defense of the nation’s energy sovereignty and to the duty of adding the greatest possible value to oil resources, under the principles of unity, teamwork, spirit of collaboration and efficient use of reserves.
All of PDVSA’s units are focused on such concepts as the sovereign use of national energy resources and the promotion of technological independence. The latter is being achieved through the development and strengthening of Venezuelan-made technologies. These efforts generate quality jobs, economic growth and lead to the creation of wealth and welfare for the Venezuelan people.
Transparency and clear control of accounts is another fundamental value of PDVSA. In accordance with this principle, the performance of the board of directors, executives and workers is generally evaluated, taking into consideration their commitment to the honest and moderate administration of corporate resources.