Chavez further expands PDVSA's role in economy

Venezuelan President Hugo Chavez, as part of a wider set of reforms for his country, has decreed changes to the statutes of state-owned Petroleos de Venezuela SA (PDVSA). According to a copy of the Official Gazette, Chavez has given PDVSA the responsibility of 'participating in ventures intended for the sustained, organic, and integral development of the country, including agricultural [and] industrial activities.' The changes, which purportedly aim at integrating the oil and gas industry more closely with other sectors of the national economy, also free members of the PDVSA board to actively participate in political activities—subject to Chavez's approval. The new decree is in line with similar efforts by Chavez last year to expand the role of the state oil company. At the time, PDVSA created a series of units that included a construction company and an agricultural business unit, among others. The decree is part of 26 new laws approved by Chavez last Thursday, when the 18-month decree powers bestowed on him by Congress were set to expire. The powers enabled Chavez to issue decrees without any input from the legislature.