After two years of postponing their report to the SEC (an obligation if you wish to work with US capital), PDVSA finally filed its 2003 report. Gustavo Coronel already reviewed it and his conclusion is that the degradation of PDVSA for the service of Chavez capricious moods keeps apace. The consequences are masked, for the time being, by the high price of oil. But the Chavez adminsitration inability to control spending and and corruption, and unable to stimulate private capital investment will create a situation that will be equivalent to a decrease in the price of oil. This day the chickens will come back home to roost.
I have not followed PDVSA lately, too busy with too many issues. But it is nice to see that Gustavo coronel does follow. And he must be right as the regime has started to attack him, clumsily trying to link him with the Transparency International report denouncing corruption never ending situation in Venezuela. When they start shooting the messenger, you know the message is good!
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