PDVSA Seeking to Slash Costs by 40%

摘要

Deeply in debt amid dwindling demand for oil and an accompanying 70% drop in oil prices, Venezuela's state-run oil firm on March 3 said it will seek to reduce operating costs by 40% as it struggles with the global financial crisis.Venezuela's oil and energy minister, Rafael Ramirez, who also is the president of PDVSA, said the oil firm would renegotiate 250 service contracts that were reached during summer 2008.