AGL 38.10 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 137.55 Increased By ▲ 3.36 (2.5%)
BOP 9.33 Increased By ▲ 0.48 (5.42%)
CNERGY 4.75 Increased By ▲ 0.06 (1.28%)
DCL 8.95 Increased By ▲ 0.28 (3.23%)
DFML 39.56 Decreased By ▼ -0.22 (-0.55%)
DGKC 85.30 Increased By ▲ 0.15 (0.18%)
FCCL 35.30 Increased By ▲ 0.40 (1.15%)
FFBL 75.52 Decreased By ▼ -0.08 (-0.11%)
FFL 12.68 Decreased By ▼ -0.06 (-0.47%)
HUBC 109.60 Increased By ▲ 0.15 (0.14%)
HUMNL 14.72 Increased By ▲ 0.62 (4.4%)
KEL 5.47 Increased By ▲ 0.07 (1.3%)
KOSM 7.96 Increased By ▲ 0.21 (2.71%)
MLCF 41.40 Increased By ▲ 0.03 (0.07%)
NBP 70.90 Increased By ▲ 1.20 (1.72%)
OGDC 195.70 Increased By ▲ 2.08 (1.07%)
PAEL 26.83 Increased By ▲ 0.62 (2.37%)
PIBTL 7.43 Increased By ▲ 0.01 (0.13%)
PPL 169.80 Increased By ▲ 5.95 (3.63%)
PRL 26.32 Decreased By ▼ -0.04 (-0.15%)
PTC 20.05 Increased By ▲ 0.58 (2.98%)
SEARL 87.31 Increased By ▲ 2.91 (3.45%)
TELE 7.89 Decreased By ▼ -0.10 (-1.25%)
TOMCL 35.55 Increased By ▲ 1.50 (4.41%)
TPLP 8.95 Increased By ▲ 0.23 (2.64%)
TREET 17.25 Increased By ▲ 0.07 (0.41%)
TRG 59.90 Decreased By ▼ -1.10 (-1.8%)
UNITY 31.64 Increased By ▲ 2.68 (9.25%)
WTL 1.38 Increased By ▲ 0.01 (0.73%)
BR100 10,833 Increased By 56.9 (0.53%)
BR30 32,712 Increased By 478.3 (1.48%)
KSE100 100,797 Increased By 714.7 (0.71%)
KSE30 31,292 Increased By 98.6 (0.32%)

Venezuelan President Nicolas Maduro on Wednesday named Asdrubal Chavez - a cousin of late leader Hugo Chavez - to lead Citgo, the state oil company's US affiliate. "He's straight off to be Citgo president, to restructure it, to get it back, to strengthen Citgo," Maduro said in a speech broadcast on VTV state television. Asdrubal Chavez held the critical oil ministry portfolio from 2014-2015.
Venezuela on Tuesday arrested the acting president and five other top executives in charge of Citgo, the US refinery subsidiary of troubled state oil company PDVSA, on corruption charges. Their arrests come just a week after the detention of a deputy minister and nine PDVSA officials for allegedly doctoring crude oil production figures. Oil sales generate 96 percent of Venezuela's hard currency earnings. In all, around 50 PDVSA employees have been arrested under an anti-corruption drive led by new attorney general Tarek William Saab since he took office in August.
The sweep underlines the debt woes swirling around PDVSA, which is the prime source of income for Venezuela, a country that sits atop the world's biggest oil reserves. Both PDVSA and Venezuela are staring down the barrel of default on a debt pile estimated at up to $150 billion, around a third of which is paper issued by the oil company.

Comments

Comments are closed.