Petro'leos de Venezuela S.A. (POVSA)
Definition - What does Petro'leos de Venezuela S.A. (POVSA) mean?
Petro'leos de Venezuela S.A. is a state-owned oil and natural gas company located in Venezuela. The company offers various activities like production of natural gas, exploration, refining and exporting oil to other parts of the world. It was founded in 1976 and as of 2015 it was the fifth largest oil exporter in the world. Moreover, it provides substantial funding resources to the government of Venezuela. The company is committed to strict adherence of environmental protection and guarantees sovereignty over the natural resources.
Petropedia explains Petro'leos de Venezuela S.A. (POVSA)
The state oil company, Petro'leos de Venezuela S.A., located in Venezuela is responsible for various tasks like reliable exploration, refining, production and trade of hydrocarbons. The main objective of the company is to foster the socio-economic development of the state. All the units of Petro'leos de Venezuela S.A., are dedicated and focused on concepts that promote technological independence. Another advantage of the company is that clients have complete transparency over the accounts of PDVSA during the projects. Besides, it follows all the norms issued by National Development Plans for the hydrocarbon sector.