Chairman and Chief Executive Officer (Petroleos de Venezuela S.A.)

Luis Giusti was singled out for the award by his peers because of the leadership role he has played in restructuring PDVSA, launching it on a growth drive that is making it a truly international firm in terms of the scale of its operations, and thereby securing its position as one of the giants of the industry. Mr. Giusti is also being cited of the innovative initiatives he has launched to increase the efficiency of international petroleum markets.

PDVSA, under Giusti's leadership, has promoted a major reform of the Venezuelan oil sector, leading to the reopening of the country's oil and gas activities to private participation, national as well as international, and positioning the country to double its production to 6.4 million barrels a day by 2007. Similarly, the company is continuing under his direction its long-term policy of developing strategic partnerships aboard in refining and marketing.

Luis E. Giusti Lopez was named Chairman and CEO of PDVSA by the President of Venezuela in 1994. He has a long and distinguished career in Venezuela's oil industry. Among the positions he has held prior to heading the state-owned oil firm were Director of PDVSA, Vice President of PDV subsidiary Maraven, Head of Corporate Planning of PDVSA, and coordinator for the development of the Orinoco Oil Belt.

Mr. Giusti is a petroleum engineer by training, having graduated from the University of Zulia in 1966. He completed his education in the US, where he received his Master of Science degree in Petroleum Engineering at the University of Tulsa in 1971.

Luis E. Giusti Lopez