Strategic regional public enterprises and petroleum sovereignty: PDVSA, petrocaribe and the ALBA-TCP.

Abstract

New Strategic Regional Public Enterprises are national and mixed state enterprises from Latin American and Caribbean countries that are members of a regional integration agreement known as the Bolivarian Alliance-Peoples Treaty Agreement (ALBA-TCP). This article conceptualizes the phenomena and applies this theorization to explore: how Venezuela‘s petroleum company became a strategic public enterprise; Petrocaribe as a regional initiative in energy integration; and what characterizes intra-Petrocaribe trade in petroleum-related goods.This article analyzes how Full Petroleum Sovereignty is construed as strategic industrial and trade policies adopted by National Oil Companies (NOCs) at the level of the state to seek sovereignty from International Oil Companies (IOCs). Sovereignty is therefore conceptualized as a response to the contradictions of the NOC/IOC relation. It also analyzes the regionalization strategy within the ALBA-TCP exemplified by Petrocaribe. Conclusive research findings present evidence on intra-Petrocaribe trade in petroleum-related goods and on value chains being formed in the region.