ABSTRACT
This chapter explores the early efforts of the newly nationalised industry in developing its own links with the oil markets. It argues that during the industry’s formative years the oil industry policy-makers became the most significant actors in the process of oil policy-making. The newly nationalised oil company adopted a policy of organisational rationalisation from the beginning. The chapter explains besides the reduction and rationalisation of it operating affiliates. The internationalisation policy was a consequence of the successful accomplishment of many of the industry’s early corporate objectives. From the beginning, industry policy-makers decided on a structure based on the vertical integration of its affiliated companies, coordinated by a mother company, Petroleos de Venezuela (PDVSA), which was to assure the observance of collective corporate and strategic goals. PDVSA’s policy-makers set out to accomplish the corporate objectives it deemed essential for the consolidation of its operations.
