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New Venezuela oil chief vows anti-corruption crusade

New Venezuela oil chief vows anti-corruption crusade
From Reuters - November 28, 2017

CARACAS (Reuters) - Venezuelas new oil czar vowed on Tuesday to root out corruption in state oil company PDVSA in a combative two-minute speech during his inauguration, without offering clues as to how he plans to handle the companys crippling debt burden.

President Nicolas Maduro on Sunday tapped Major General Manuel Quevedo to lead both PDVSA [PDVSA.UL] and the Oil Ministry, giving the already powerful military control of the OPEC nations dominant industry.

In comments during a two-hour broadcast by Maduro, Quevedo said he would go after saboteurs and defeat a corrupt bureaucracy, while offering only a brief nod to boosting oil production and improving refinery operations.

Were going to clean up public finances so that those thieves in PDVSA will finally leave, said Quevedo. The governments actions have captured many people who had infiltrated the industry. Those who are left should be worried.

Investors are closely watching Quevedo for clues as to whether he will seek to halt payment on PDVSAs bonds, or maintain Maduros strategy of continuing to service debt despite the countrys crippling economic crisis.

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