English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 13:38, November 28, 2005
Venezuela's state oil company to push new "social production" model
font size    

Venezuela's state-owned oil company Petroleos de Venezuela SA (PDVSA) will use loans and contracts to promote a new business model called "social production", Oil Minister Rafael Ramirez told Venezuelan radio and television on Sunday.

Under the scheme, companies will fund social programs, share profits with workers and use some of their profits to help create more companies that work in the same way, said the oil minister atthe weekly "Hello, President" show hosted by Venezuelan President Hugo Chavez.

The PDVSA said in a statement published on its website that it would invest 100 million US dollars in the plan.

Chavez said that the new businesses would remain private property, but would work in a "collective" style.

"Capital itself is not bad," said Chavez. "What is bad is capitalism... when capital is concentrated in the hands of the fewand used to exploit the rest."

The social model would discontinue the US model, which "asks usto abandon our industrial and development polices so they can invade us with their products," said Chavez, who frequently criticizes the United States.

Soaring oil prices have boosted the income of both the PDVSA and Venezuela as a whole. Chavez has used the money to offer cheapfuel to his neighboring states and finance related grand energy projects.

Source: Xinhua

Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this

- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
- Venezuela's state oil company to push new "social production" model

- Venezuelans to invest 186mln dlrs in soccer's 2007 Copa America

- Chavez says Venezuela will continue arms deal with Spain

- Venezuela, Colombia agree to build shared gas pipeline

- Venezuela to supply Argentina with cheap diesel oil

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Copyright by People's Daily Online, all rights reserved