ABSTRACT
This chapter explores the background to the continuation of Petroleos de Venezuela (PDVSA) internationalisation policy. It argues that the victory over political obstacles and the use of oil market difficulties into its advantage during the first phase of policy implementation were two significant factors in stimulating the launching of a more aggressive and diversified implementation phase. Access to new refining technology, the need to minimise market uncertainty, and the intention to limit government and legislative interference in corporate policies were determinant factors in the industry’s pursuit of its international expansion. During the second phase of policy implementation PDVSA diversified its international network of refineries both in Europe and in the US. The industry’s corporate response to short-term government demands was the consolidation of its long-term strategy of becoming a totally integrated oil Multinationals. Not only had the political context changed in favour of a new policy continuation, but also the oil market context.
