Venezuela
to create 12 new state firms: Chavez
AFP
CARACAS
Petroleumworld.com 01 27 06
Venezuela will invest three billion dollars to create 12 new state
firms, President Hugo Chavez announced late Wednesday.
The new companies will include steel, wood pulp and mining plants,
he said.
"We are creating 12 new state companies," he said during
an event at the presidential palace.
He said the three billion dollar investment would come from oil
revenues.
Venezuela's state-owned oil firm, Petroleos de Venezuela (PDVSA),
registered net gains of 9.4 billion dollars last year, according
to official figures.
The only Latin American member of the Organization of Petroleum
Exporting Countries (OPEC), Venezuela has a production quota of
3.1 million barrels of crude a day, of which it sells 1.5 million
barrels to the United States.
AFP
01/26/06
Copyright
© 2006 AFP. All rights reserved
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