The oil company, PDVSA, has always been national.
They are practically selling oil at the cost of production right now, so there's no money.
Maduro said yesterday that during January , only $77 million entered the economy from oil sales, down from $37.000mm in January 2014.
International companies have their assets tied up in worthless bolivares here [1], so that's the reason there are no tires for example, and if you find one in the black market, they cost around Bs.70.000. The minimum wage is Bs.13.000, after yesterday's raise.
The PDVSA didn't have the technical expertise and capital to fully explore and exploit their oil fields. The oil majors had stakes in several projects that were nationalized starting in 2007:
Exxon and ConocoPhillips filed arbitration claims which resulted in an attempt to repatriate PDVSA assets. That resulted in the planned sale of Citgo and may have also motivated the repatriation of gold reserves held overseas (but who knows). Citgo eventually ended up issuing $2.5B dollars worth of bonds which stripped the asset of a lot of it's value.
Maduro said yesterday that during January , only $77 million entered the economy from oil sales, down from $37.000mm in January 2014.
International companies have their assets tied up in worthless bolivares here [1], so that's the reason there are no tires for example, and if you find one in the black market, they cost around Bs.70.000. The minimum wage is Bs.13.000, after yesterday's raise.
[1]http://www.ft.com/fastft/2016/02/09/goodyear-takes-646m-hit-...