development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.

The Venezuelan State is PDVSA’s sole stockholder under the provisions of the Constitution of the Bolivarian Republic of Venezuela and represents the economic and political sovereignty exerted by the Venezuelan people over oil, their major energy resource.

Therefore, its actions must follow the Ministry of Energy and Petroleum’s guidelines, plans and strategies, as well as the norms issued by the National Development Plans for the hydrocarbon sector.

The state corporation, created in 1975 by the Organic Law that Reserves the Industry and Commerce in Hydrocarbons to the State (LOREICH ), relies on workers committed to the defense of energy sovereignty and the duty of adding the greatest possible value to oil resources, led by principles of unity, command, teamwork, the spirit of collaboration and efficient use of reserves.

All the organizations of the corporation are focused on concepts like the sovereign use of national energy resources and the promotion of technological independence; the latter meaning the creation and innovation of Venezuela-made technologies, so as to generate quality jobs, economic growth and the creation of wealth and welfare for the Venezuelan people.

PDVSA pursues the greatest effectiveness in management communication by means of appropriate and valuable interaction with the public on many prominent aspects of the oil industry, to encourage the exercise of social audit.

Transparency and clear control of accounts also constitute a fundamental value for PDVSA. In agreement with this principle, the performance of the board of directors, executives and workers in general is evaluated, taking in to consideration their commitment to the principles of honest and moderate administration of corporation resources.