Pdvsa transfers USD 13.39 billion to the Treasury in nine months

Between January and September 2011, state-run oil company Petróleos de Venezuela (Pdvsa) transferred USD 13.39 billion to the National Treasury, according to the monthly bulletin issued by the Central Bank of Venezuela (BCV).

Based on the report, Pdvsa's contribution exceeded by 53% the total amount reported in the same period in 2010, that is, USD 8.74 billion.

Although oil prices averaged USD 100 last year, the funds were transferred to the Treasury at a price of USD 70 per barrel, because this amount was set as a cap in the adjustment made to the tax on windfall oil revenue.

Data issued by the BCV show that Pdvsa transferred USD 10.02 billion on oil royalties; USD 2.65 billion on income tax (ISLR) and USD 372 million on dividends.

The numbers also display that at the end of September, the oil industry has already paid to the central government additional revenue amounting to USD 2.79 billion, because the contribution foreseen in the 2011 budget was USD 10.51 billion.

Throughout 2011, Pdvsa had to increase allocations to parallel funds and social welfare projects (missions). Pdvsa's balance sheets showed that until the first half of 2011 the state oil company gave USD 15 billion to the National Development Fund (Fonden) and to social plans.