Jan. 21 (Bloomberg) -- Venezuelan President Hugo Chavez will soon name a new board of directors at Petroleos de Venezuela SA, as the state-owned oil company undertakes more social spending, the company's president said.

Petroleos de Venezuela President Ali Rodriguez didn't say in an interview with the Venpres state news agency when Chavez would name the board. Chavez last replaced the Petroleos de Venezuela board in December 2002. Chavez has named six boards at Petroleos de Venezuela since assuming the presidency in February 1999. Rodriguez also didn't say whether he would remain.

``I see this as a pure political power play,'' said Robert Bottome, an analyst with Caracas-based research company Veneconomy. ``Rodriguez is with the Fatherland for All party, and there's been rumbling that other government parties want a cut of the pie.''

Petroleos de Venezuela press representatives declined to comment.

The naming of a new board comes as Petroleos de Venezuela is taking on a greater role in overseeing and funding the government's social programs. Energy and Mines Minister Rafael Ramirez said last week that Petroleos de Venezuela will spend up to $616 million on social programs this year, up from $29 million in 2003.

The company overhaul also coincides with government plans to give the country's finance and planning ministers greater roles in determining the company's budget and spending. El Universal reported last week that members from each ministry could take positions in a new board.

No Firings

Rodriguez earlier said that the company doesn't plan further firings after it reduced its staff by more than half last year to break a two-month strike.

Reports by such newspapers as El Nacional of an imminent staff reduction were ``totally false,'' Rodriguez said in a separate interview with Venpres.

Some Petroleos de Venezuela officials, including the former chief of the Prevention and Loss Control Department, Gustavo Perez Issa, have said that people who participated in the strike remain at the company, plotting new work stoppages.

Petroleos de Venezuela fired more than 18,000 of its pre- strike workforce of 33,000 to end last year's stoppage, part of a failed effort to force Chavez from office. The strike, which began Dec. 2 and ended Feb. 1, slashed output and exports.

Venezuela's National Electoral Council will decide next month whether Chavez, who was deposed for two days in an April 2002 military coup, will face a recall vote. Polls show that Chavez would lose a recall by a large majority.

Last Updated: January 21, 2004 16:17 EST