Pdvsa debt increases by 146 percent in 2008

Increased revenues were the result of booming oil prices. Although oil prices fell in the last quarter of 2008, in the first half of 2008 they exceeded USD 100, with the Venezuelan oil basket price averaging USD 86.

Gross income, including domestic and foreign operations, amounted to USD 134.5 billion, which represents a 40 percent increase compared to USD 96.2 billion in 2007.

Given the higher amount of funds, the profits of the state-run oil company jumped 93 percent. In 2008, Pdvsa’s profits totaled USD 12.1 billion while in 2007 they were USD 6.2 billion.

El Universal