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Venezuela's Maduro to review oil contracts after oil exec arrests

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Venezuela's Maduro to review oil contracts after oil exec arrests

Oil service contracts and executive positions at Petroleos de Venezuela SA (PDVSA) will in future have to be reviewed by President Nicolas Maduro, the state-owned company's new boss said Dec. 3, speaking after a corruption crackdown in which dozens of former oil executives have been arrested, Reuters reported.

"There aren't going to be any more contracts backed by the board to keep pillaging, as has happened in some instances," Major General Manuel Quevedo was quoted as saying, without providing further details.

The move comes after some 65 former executives were arrested on corruption allegations, including former PDVSA chief Nelson Martinez and Oil Minister Eulogio del Pino, who were detained on Nov. 30. Quevedo had been named to replace them both on Nov. 26.

Maduro has also appointed former energy Minister Ali Rodriguez as honorary president of PDVSA, the Reuters report said.

Diego Salazar, a relative of former oil czar Rafael Ramirez, was also taken into custody on Dec. 1 on allegations of helping launder about 1.35 billion to Andorra, Reuters added

PDVSA did not respond to Reuters' request for more information.

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