The operation would not be considered a privatization, as shares will be offered in a holding company created to manage PDVSA’s stakes in the joint ventures and not in the state oil company itself, the official said.
So, like when China listed PetroChina publicly, but not its controlling parent company, CNPC, that wasn’t a privatization? OK! Whatever you say, “company official.”
Another surprise here is that PDV may reduce its holdings in some joint ventures to 51%, just 4 years after PDV spent hundreds of millions of dollars to boost its holdings in these ventures to at least 60%.
ADDING: Hola, prensa venezolana, estás permitido cubrir estas noticias.
ADDING2: Devil’s Excrement blog had a good analysis/guess about this situation even in the absence of this new information. Take a look.
ADDING3: Via MexFiles, gotta love that this reaches people on March 3. An auspicious day.