Pdvsa's debt to equity ratio at 29.72 percent

Venezuela's state-run oil holding Pdvsa and its affiliates in 2007 contracted new debts amounting to USD 13.12 billion, thus taking their debt to equity ratio to 29.72 percent.

The figure was disclosed on Pdvsa's official website in a report on Pdvsa's debt status, as found in an audit on the holding's debt at the end of 2007 conducted by KPMG's auditors Alcaraz, Cabrera & Vázquez.

The document shows that Pdvsa's consolidated assets -including assets abroad- soared USD 106.99 billion, with equity closing 2007 at USD 53.85 billion.

The figures show that consolidated assets climbed USD 26.47 billion (32.8 percent) and equity increased by USD 751 million (1.4 percent), compared to the audited financial statements of 2006.

The numbers also confirm Pvdsa CEO and Minister of Energy and Petroleum Rafael Ramírez's announcement last month that the conglomerate's consolidated debt grew in 2007. He added, however, that assets soared too in the same period, as amidst strategic partnerships at the Orinoco Oil Belt migrated to joint ventures where Pdvsa holds a majority stake.

However, while the debt increased fivefold in only 12 months -a 449 percent growth, from USD 2.91 billion to more than USD 16 billion-, the company's consolidated assets grew only 2 percent, from USD 53.10 billion to USD 53.85 billion.

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