Introduction

This chapter argues that the analysis of the policy-making process set in motion to adopt and implement the internationalisation of Venezuela’s state-owned oil industry in Organisation for Economic Cooperation and Development areas offers a fertile ground for gaining insight into the balance between politics and corporate strategy in a developing country. It looks at the process of policy-making behind Petroleos de Venezuela (PDVSA) efforts to expand its operations abroad, shows the balance between politics and corporate strategy in practice. The chapter examines the intricate policy-making process that shaped the origins and the development of PDVSA’s internationalisation policy, emphasising the events that shaped each one of the three distinguishable phases of the policy-making process: adoption, formulation, and implementation. It also looks at the relationship between the oil industry and the other two key decision-making bodies involved in the oil policy-making process: the Energy Ministry and Congress. The chapter also presents an overview of the key concepts discussed in this book.