Earnestly seeking to extricate itself from the devastation of its once globally recognized oil and gas industry, Guyana’s western neighbour, is reportedly earnestly seeking to fashion a new business culture for dealing with its business partners. A January 30 Reuters report says that the country’s state-run oil company PDVSA is beginning to play hardball with buyers of Venezuelan crude, insisting on pre-payment ahead of the loading of vessels. Reuters reported that a rigid ‘pay first’ system has been put in place by PDVSA’s new Chief Executive Pedro Tellechea, even as his country makes clear its anxiety to receive payments before the oil-laden ships leave the country.
