PDVSA restructuring expected to generate $ 10 bn

Jul 29, 1997 02:00 AM

July 15, 1997 Venezuela's PDVSA expects to generate $ 10 billion in savings over ten years through its major corporate restructuring due to start in August this year, President Luis Giusti said. Giusti confirmed that PDVSA had approved at the weekend a major restructuring of its business units to cut costs and improve efficiency. Under the restructuring plan PDVSA's three main subsidiaries Corpoven, Lagoven and Maraven will be dissolved to create more focused business units. Each of the three affiliates currently duplicate functions as three vertically integrated companies.

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