Drivers of internationalisation of companies from emerging economies: comparing Petrobras (Brazil) and PDVSA (Venezuela)
The history of the global oil industry is essential to understand the rise of multinational enterprises. Petrobras, in particular, has started to exploit in international markets the world-class technology it developed to exploit deepwater oil fields. PDVSA, on the other hand, has focused its international expansion strategy in building a network of refineries in key consuming markets. This paper examines the cases of Petrobras and PDVSA. The Petrobras experience confirms that the rise of emerging economies is leading to a transformation in global business in which foreign direct investment is driven not only by the exploitation of traditional firm-specific competencies, but also by the exploration of new patterns of organisational innovation. PDVSA's case illustrates that for a developing country multinational, the path towards decision-making autonomy from government is mired with many obstacles; key commercial strategies can be challenged by a government seeking to impose its agenda on the company.
Volume (Year): 3 (2010)
Issue (Month): 4 ()
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