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Venezuela needs capitalist reality check to unlock its riches Add to ...

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PDVSA spent the past 15 years as the gift that kept on giving. The death of Hugo Chavez offers an opportunity for Venezuela’s energy champion to revert to being – well, just a national oil company. If revolutionary fervour could turn oil into money, Venezuelans would be the world’s richest people. But what PDVSA really needs is a capitalist reality check. If it wishes to extract maximum value from its matchless oil and gas reserves, Venezuela needs to attract foreign investment.

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