Venezuela’s state oil company to push new ‘’social production” model

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 at the weekly “Hello, President” show hosted by Venezuelan President Hugo Chavez.

People’s Daily