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Venezuela’s Oil Giant Is Struggling in the Caribbean

  • Company risks losing close to 16% of its refining capacity
  • PDVSA owes about $14 billion to bondholders in 2018-2020
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Venezuela's PDVSA in Default

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The misfortunes of Venezuela’s state-owned oil company are now roiling the clear waters of the Caribbean Sea.

Once the region’s driving force, Petroleos de Venezuela SA, or PDVSA, as it’s known, faces the prospect of losing its footprint in the Caribbean over unpaid bills and the inability to deliver on its promise to supply cheap crude oil and fuel to its partners in the PetroCaribe program. The beleaguered state-owned oil giant has seen its executive ranks decimated as the authoritarian Maduro regime imprisons executives and installs military officers in their place.