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Hugo Chávez retains power in Venezuelan election

As Hugo Chávez retains power in Venezuela, what do the next six years hold for the country’s energy sector?

Venezuelan president Hugo Chávez swept to victory at the polls on 7 October, overcoming a spirited campaign from challenger Henrique Capriles and giving the socialist leader six more years in office to continue his Bolivarian socialist revolution. For the energy industry, Chávez’s victory means a continuation of the policies that have transformed Venezuela’s oil industry and state-run PdV over the past decade. Chávez will continue to lean heavily on the oil industry as a source of funds to further his revolution. The president has relied on a flood of petrodollars over the past decade to maintain his grip on Venezuela’s institutions and extend social programmes such as the popular misiones

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