Petróleos de Venezuela, S.A. (PDVSA) and its subsidiaries is a corporation owned by the Bolivarian Republic of Venezuela and subordinated to the Venezuelan state. PDVSA’s business is exploit oil resources. The operations are supervised and controlled by the People’s Power Ministry of Petroleum, which sets national oil policy, under the guidelines of the Homeland Plan Act, Second Socialist Plan of Economic and Social Development of the Nation 2013-2019.
PDVSA plans, coordinates, supervises and controls activities carried out by its subsidiaries both domestically and internationally. It also promotes and engages in activities aimed at the comprehensive, organic and sustainable development of Venezuela, including agricultural and industrial activities, manufacturing, processing and marketing of goods, and provision of services. According to a comparative study published by Petroleum Intelligence Weekly, PDVSA is the fifth largest oil company in the world.