CARACAS: President Nicolas Maduro on Tuesday replaced Rafael Ramirez as head of Venezuela's state oil giant PDVSA, saying Ramirez would leave that key post to head up the foreign ministry.
Ramirez was also relieved of his role as the oil minister and vice president for economic policy, to become -- in addition to top diplomat -- political vice president.
Venezuela has the world's largest proven oil reserves and PDVSA is the world's fifth largest oil company, but has faced a growing economic crisis.
Ramirez will take over as foreign minister from Elias Jaua, Maduro said in a more than two-hour speech broadcast on state television and radio, while "I have appointed as president of PDVSA Eulogio del Pino."
Venezuela is facing a soaring budget deficit and annual inflation that stood at 60 percent when the government stopped releasing the figure two months ago. It has also seen chronic shortages of everyday items, including toilet paper.
Analysts had expected Maduro to announce reforms along the lines of ones advocated by Ramirez, including ending the policy of multiple-tiered official exchange rates and raising the price of gasoline.
Instead, Maduro announced this cabinet shake-up, which also sent Jaua to be the liaison with local governments, merged some government structures and removed other cabinet members.
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