Chavez generosity costing state oil firm in Venezuela

Por Venezuela Real - 29 de Marzo, 2007, 22:30, Categoría: Petróleo/Energía

Associated Press
The Taipei Times
March 29, 2007

Venezuelan President Hugo Chavez has won friends at home and abroad with his generous spending on social programs ranging from his support for Venezuela's single mothers to deals on fuel for its energy-hungry neighbors in Latin America and the Caribbean.

But Chavez's cash cow, the state oil company Petroleos de Venezuela SA (PDVSA), cannot keep paying the price forever.

The long-term capacity of the world's eighth-largest oil exporter to keep pumping crude is under threat because it is spending more on Chavez's ideological agenda than on badly needed investments, industry analysts say, as the company on Tuesday saw a sharp fall in profits for last year.

Ver artículo completo en sección Prensa Internacional





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