Drivers of internationalisation of companies from emerging economies: comparing Petrobras (Brazil) and PDVSA (Venezuela)

Andrea Goldstein and Cesar Baena

International Journal of Technological Learning, Innovation and Development, 2010, vol. 3, issue 4, 392-407

Abstract: 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.

Keywords: multilatinas; technological innovation; DMNCs; Petroleos de Venezuela, S.A.; PDVSA; oil industry; internationalisation; developing countries; multinational corporations; MNCs; Brazil; Venezuela; National Oil Companies; NOCs; Petrobras; emerging economies; foreign direct investment; FDI; organisational innovation. (search for similar items in EconPapers)
Date: 2010
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