LatinNews Daily - 25 May 2018

Venezuela: Venezuela’s President Nicolás Maduro has said that he wants the state-owned oil firm Pdvsa to become more “socialist, ethical, sovereign, and productive”. Speaking after being inaugurated as president until 2025 by the national constituent assembly following his controversial re-election on 20 May, Maduro said that Pdvsa was going through a tough time marked by sharp fall in production as result of the poor management and corruption. However, the president said that his government has broken the “mafia” that was running Pdvsa following the recent arrest of some of its officials over corruption allegations. “This year we have to increase production to 1m barrels [per day]…Venezuela needs to produce that and a lot more”, Maduro said, adding that his government would ask Russian and Chinese assistance to achieve this.

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