Venezuela‘s Maduro assigns new head of PDVSA, foreign minister

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Venezuelan President Nicolas Maduro appointed Pedro Rafael Tellechea as the new CEO of state oil giant Petroleos de Venezuela (PDVSA) PDVSA.UL on Friday and Yvan Gil Pinto as the new Foreign Minister.

Tellechea has "great experience" leading state chemical company Pequiven and will "consolidate the momentum of the national oil industry," Maduro tweeted.

PDVSA será presidida por Pedro Rafael Tellechea, quien con su gran experiencia al frente de PEQUIVEN, consolidará el impulso de la industria petrolera nacional. Todo nuestro reconocimiento a la labor de Asdrúbal Chávez quien pronto tendrá nuevas responsabilidades. pic.twitter.com/V5HCGPWPo6

— Nicolás Maduro (@NicolasMaduro) January 6, 2023

The former head of PDVSA Asdrubal Chavez, a cousin of late President Hugo Chavez and former oil minister will soon have a new mandate, Maduro added.

Maduro named Gil Pinto, in a separate tweet, to head the country's diplomacy.

"It's a great responsibility I'm sure he will perform with great professionalism," Maduro said about Gil Pinto, who had been serving as vice minister for Europe.

He designado a Yván Gil Pinto, nuevo canciller de Venezuela, una responsabilidad que estoy seguro que desempeñará con gran profesionalismo. Agradezco a Carlos Faria por su destacada labor, en los próximos días le vendrán nuevas tareas. pic.twitter.com/l6xoyIarbs

— Nicolás Maduro (@NicolasMaduro) January 6, 2023

Former Foreign Minister Carlos Faria will also be assigned to a new role, Maduro stressed.

As is well known, Venezuela is a small oil-rich country that suffered from years of imperialist meddling. Venezuela's oil exports last year declined mainly due to US illegal sanctions, as per shipping data and documents.

Since the imposition of financial sanctions in 2017, the US has spearheaded the blockade against Venezuela, with countries such as Switzerland, the UK, the EU, Canada, and Panama following suit by freezing assets, implementing trade embargoes, and resorting to unilateral measures against international trade payments. 

However, after years of hyperinflation and a depreciating currency that has plunged Venezuelans into poverty and forced millions to escape the nation, exports are likely to increase this year as the US eased oil sanctions by allowing some PDVSA partners to continue taking Venezuelan petroleum.

This comes after Washington’s current thirst for oil pushed Biden’s administration to ease some of Washington’s tough sanctions on Venezuela.

US thirst for Venezuelan oil exposed that America is at odds with its policy, exerting strained efforts to find an alternative for Russian oil amid the global energy crisis.