Petróleos de Venezuela in the context of "US$"

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⭐ Core Definition: Petróleos de Venezuela

Petróleos de Venezuela, S.A. (acronym PDVSA, Spanish pronunciation: [peðeˈβesa], English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on January 1, 1976, with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.

Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. Following the Bolivarian Revolution, PDVSA was mainly used as a vital source of income for the Venezuelan government. Profits were also used to assist the presidency, with funds directed towards allies of the Venezuelan government. With PDVSA focusing on political projects instead of oil production, mechanical and technical statuses deteriorated while employee expertise was removed following thousands of politically motivated firings. Incompetence within the company has led to serious inefficiencies and accidents and to endemic corruption; at least US$11 billion was stolen between 2004 and 2015. Jorge Giordani, minister of planning until in 2014, estimates that $300 billion was simply stolen. In 2018, thousands of workers left PDVSA, especially after the company was put under military control.

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Petróleos de Venezuela in the context of Caracas

Caracas (/kəˈrækəs, -ˈrɑːk-/ kə-RA(H)K-əs, Spanish: [kaˈɾakas]), officially Santiago de León de Caracas (CCS), is the capital and largest city of Venezuela, and the center of the Metropolitan Region of Caracas (or Greater Caracas). Caracas is located along the Guaire River in the northern part of Venezuela, within the Caracas Valley of the Venezuelan coastal mountain range (Cordillera de la Costa). The valley is close to the Caribbean Sea on the north, separated from the coast by a steep 2,200-meter-high (7,200-foot) mountain range, Cerro El Ávila. To the south there are more hills and mountains. The Metropolitan Region of Caracas has an estimated population of almost 5 million inhabitants.

The historic center of the city is the Cathedral, located on Bolívar Square, though some consider the center to be Plaza Venezuela, located in the Los Caobos area. Businesses in the city include service companies, banks, and malls. Caracas has a largely service-based economy, apart from some industrial activity in its metropolitan area. The Caracas Stock Exchange and Petróleos de Venezuela (PDVSA) are headquartered in Caracas. Empresas Polar is the largest private company in Venezuela. Caracas is Venezuela's cultural capital, with many restaurants, theaters, museums, and shopping centers. Caracas has some of the tallest skyscrapers in Latin America, such as the Parque Central Towers. The Museum of Contemporary Art of Caracas is one of the most important in South America.

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Petróleos de Venezuela in the context of Bolivarian propaganda

Bolivarian propaganda (also known as chavista propaganda and Venezuelan propaganda) is a form of nationalist propaganda, especially in Venezuela and associated with chavismo, Venezuelan socialism. This type of propaganda has been associated with Hugo Chávez's Bolivarian Revolution, which used emotional arguments to gain attention, exploit the fears of the population, create external enemies for scapegoat purposes, and produce nationalism within the population, causing feelings of betrayal for support of the opposition.

The World Politics Review stated in 2007 that, as Chávez began "transforming Venezuela into a socialist state", propaganda was "an important role in maintaining and mobilizing government supporters". The image of Chávez was seen on sides of buildings, on T-shirts, on ambulances, on official Petróleos de Venezuela (PDVSA) billboards, and as action figures throughout Venezuela. A 2011 article by The New York Times said Venezuela has an "expanding state propaganda complex" while The Boston Globe described Chávez as "a media savvy, forward-thinking propagandist" that had "the oil wealth to influence public opinion".

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