Petróleos de Venezuela, SA

Petróleos de Venezuela, SA (PDVSA)

State-owned Venezuelan energy company with interests in oil, natural gas, coal, and petrochemicals. It was created in 1976 through the nationalization of Venezuela's petroleum industry, which had been controlled by foreign companies since the end of World War I. Petróleos de Venezuela engages in the exploration, refining, and marketing of oil, petrochemicals, and natural gas in many parts of the world. Through its acquisition of CITGO Petroleum in 1990, PDVSA became a leading supplier of gasoline and other petroleum products in the U.S. Given the scale of its operations, PDVSA usually earns the largest share of Venezuela's foreign currency.