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Venezuela'S PDVSA 2007 profits rose by 15 percent to $6.3EFE
Rafael Ramirez Venezuela's energy minister and PDVSA's CEO
CARACAS
Petroleumworld.com, Mar 31, 2008
Venezuelan oil company PDVSA released its 2007 2007 financial results that said profits rose by 15 percent to $6.3 billion on high oil prices and a reduction in costs.The profits jumped to $96.2 billion despite a 3 percent drop in sales.
The costs fell 8 percent to $72.3 billion compared with 2006.
Social development
The company invest in supporting Venezuela's social development had in 2007 an outlay of 13.89 billion dollars
Of that figure, the company revealed, 6.76 billion dollars were granted to the National Development Fund (FONDEN), for the implementation of infrastructure projects.
In addition, 5.69 millions were assigned for social missions, such as "Barrio Adentro Uno, Dos, Tres," "Ribas," "Mercal," "Milagro" (Miracle), and "Revolucion Energetica," (Energy Revolution), just to mention a few of them.
Meanwhile, special housing and agriculture plans received 1.43 billion dollars, PDVSA added.
The company recalled that the new purpose of the state corporationis to distribute oil surplus among the population.
Asset rise
Assets of PDVSA registered an increase of 27.143 billion dollars in comparison to the 2006 balance, the energy said in a press conference
Rafael Ramirez Venezuela's energy minister and PDVSA's CEO, told press that the management report of 2007 reflected assets for 107.672 billion dollars.
At the same time there was a shift in the deficit of the old PDVSA of 14.150 billion dollars in 2006 to a profit of 4.150 million dollars with a balance of 56.062 billion dollars.
Referring to earnings he said that the figure reached 96.242 billion dollars with a drop of 3.010 billion dollars in comparison to the 99.252 billion registered in 2006.
Ramirez attributed this behavior to asset liquidation abroad, among them the Lyondell refinery and SevenEleven chain stores.
The results also report a reduction of 10.641 billion in its expenditures of crude oil purchases abroad reaching a total decrease of costs to the tune of 6.233 billion.
Regional expansion
In 2008 PDVSA is launching an aggressive regional expansion plan, including purchase and leasing of facilities for crude oil storage and shipping and for processing of oil by products.
The company plans to buy an oil terminal northeast Brazil with a capacity of 24,000 bpd of fuel, a lube mixing and filling plant in Ecuador, and 38,000 tons / year asphalt terminal in Ecuador.
In Ecuador PDVSA will expand PDV trademark's share in the Ecuadorian market and cement alliances with Petroecuador to introduce the trademark in the state chain.
In Central America a PDVSA plans to rent seaports, as well as oil transportation and storage facilities in Santo Tomás de Castilla, Guatemala. Such premises comprise a tank farm, a seaport oil terminal, and a 250,000 bpd distribution plant. This compound is expected to become a regional storage hub for shipment of fuels and diesel primarily.
And to brand privately owned gas stations in Salvador,also is set to reinforce fuel sales to Nicaraguan transportation cooperatives and gas stations. The holding also intends to "penetrate" the Belize market in order to sell fuel to the industrial and agriculture sectors.
In the Caribbean, PDVSA is renting a tank farm and a 260,000 barrels storage Terminal in St John's, Antigua, to ship diesel and fuels to Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines.
In Haiti, the Venezuelan holding is renting a fuel oil storage and shipment complex to generate power in the Caribbean country.
And locally, PDVSA is to expand its premises in El Guamache, northern Nueva Esparta state, particularly the tank farm and terminal, to dispatch byproducts to the Caribbean.
Caracas, Mar 29 (Prensa Latina) Assets of Petroleos de Venezuela (PDVSA) registered an increase of 27.143 billion dollars in comparison to the 2006 balance, official sources reported.
The minister of Energy and Oil, Rafael Ramirez, told press that the management report of 2007 reflected assets for 107.672 billion dollars.At the same time there was a shift in the deficit of the old PDVSA of 14.150 billion dollars in 2006 to a profit of 4.150 million dollars with a balance of 56.062 billion dollars.
Referring to earnings he said that the figure reached 96.242 billion dollars with a drop of 3.010 billion dollars in comparison to the 99.252 billion registered in 2006.
Ramirez attributed this behavior to asset liquidation abroad, among them the Lyondell refinery and SevenEleven chain stores.
The results also report a reduction of 10.641 billion in its expenditures of crude oil purchases abroad reaching a total decrease of costs to the tune of 6.233 billion.
The minister noted the relevant policy of selling assets abroad, a business that had become a source of expenditures for the company and reported a scarce profit in relation to investments and outlays implied for maintenance.
hr/mem/avp/mf
Story from Petroleumworld
Petroleumworld 29 03 08
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