News wrap: PDVSA may take over refinery, change name

Will PDVSA take over Valero’s Aruba refinery? It would fit PDVSA’s strategies of buying refineries cheap, moving away from dependence on the U.S. market, and producing more value-added products. However it’s hard to believe they’d be allowed in given the maintenance and environmental record at Isla on Cuaracao, and it would be hard to pay for the refinery unless Valero wanted to just give it up very cheap. Anyway pretty interesting that the papers are making it sound like a done deal.

Meanwhile President Hugo Chavez calls for renaming Petroleos de Venezuela SA. New name would be Petroleos de Venezuela Socialista. This would fit the company’s strategy of spending money on political symbolism to make Venezuela the vanguard of world communist revolution.