“Chavistas are pushing the national government to transform the oil company into a truly people owned company, not just nationalized in name only. One fact that demonstrates the need for this tranformation is that in 1976 80% of the revenue went to the State and 20% to the company as corporate expenses; by 2000 20% of the revenue went to the government and 80% to PDVSA. The PDVSA managers were enriching themselves, and funded the April 2002 coup attempt, at the expense of social programs and poor Venezuelan people.”
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