Dual Missions of PDVSA : The Political Role of a National Oil Company in Venezuela

국문 초록 (Abstract)

국제 원유 수요의 증가와 공급 부족으로 인해 산유국의 국영석유기업들은 보다 중요한 위치를 차지하게 되었다. 국영석유회사들은 국부를 창출하고, 이를 통해 여러 사회적 기여를 해 왔지만, 이는 동시에 기업으로서의 심각한 비효율성을 낳게 되었다. 베네수엘라의 국영석유기업인 PDVSA는 이러한 정치적 딜레마의 대표적인 사례이다. 본 연구는 PDVSA가 어떻게 두 가지의 상반된 임무를 수행해 왔는지를 고찰하고, 이 과정에서 부각된 도전요인을 알아본다. 주요 산유국의 독점적 석유기업으로서 PDVSA는 챠베스(Chavez) 정부의 볼리바르 혁명을 비롯한 여러 정치, 사회적인 정책목표들에 대한 재정 지원을 맡아왔으며, 이는 중장기적으로 저투자 및 비효율의 문제를 가져오게 되었다. 국제금융위기와 더불어 급락하기 시작한 유가는 PDVSA 및 베네수엘라 경제에 심각한 도전요인이 되고 있으며, 이는 인플레이션, 전력부족 및 유가보조금 등의 문제와 맞물리며 위기 상황을 초래하고 있다. PDVSA는 최근 보다 많은 해외 투자를 유치하고 노력하고 있으며 이는 보다 상업화, 국제화된 방향으로의 전환 가능성을 암시하고 있다. 국영석유기업으로서의 PDVSA의 성격은 향후 유가 동향, 대량의 매장량이 발견되고 있는 초중질유의 상업성, 그리고 정부-국영기업간의 관계를 규정짓는 정치적 상황에 의해 영향 받게 될 것으로 보인다.

다국어 초록 (Multilingual Abstract)

With the global demand for oil continuously increasing and new oil fields becoming more difficult to find, national oil companies (NOCs) of oil-producing countries have become increasingly dominant players in the global oil market. Although NOCs contribute to the creation of national wealth, their huge social contributions often hampered their competitiveness. PDVSA, a Venezuelan national oil company, is a typical example of this political dilemma. This paper examines how PDVSA has dealt with these contradictory missions and what remains as a challenge to determine its characteristics. In recent decades, the Chavez government has tried to realize its political ideal, Bolivarian Revolution, and PDVSA has functioned as an institution underwriting this political goal, which in tum has led to the company's low productivity and declining investment activity. Since the recent global financial crisis, however, the Chavez government has started to encourage foreign capital to address the country's financial problems, indicating that PDVSA's focus may shift to commercialization and internationalization. The characteristics of PDVSA will be determined by future oil prices, the feasibility of the massive deposit of non-conventional, extra-heavy oil in the Orinoco Belt, the relation with foreign investors as well as its relations with the government.

목차 (Table of Contents)

• Abstract
• Ⅰ. Introduction
• Ⅱ. Overview of Venezuela's Oil and PDVSA
• Ⅲ. The Dual Missions of National Oil Companies
• Ⅳ. The Case of PDVSA in Venezuela
• Ⅴ. Emerging Challenges to PDVSA
• Ⅵ. Conclusion
• Reference
• 국문초록

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