Pdvsa's fiscal contribution drops 2.9% compared to 2008

Increasing oil prices allowed state-run oil company Petróleos de Venezuela's fiscal contribution to the National Treasury to grow compared to 2010. However, the contribution was lower than in previous periods with high oil prices.

Rafael Ramírez, Venezuela's Minister of Petroleum and Mining and president of Pdvsa, said recently that the funds transferred to the central government through income tax, royalties, and dividends amounted to USD 18.84 billion. There was, for instance, a 2.9% fall in real terms when comparing this contribution with funds transferred by Pdvsa in 2008.

In 2008, Pdvsa sent USD 19.16 billion to the National Treasury. The average price of oil amounted to USD 86 that year.

Pdvsa's fiscal contribution in 2011 shows that inflation hit Pdvsa's accounts. At the same time, the state-run oil holding had to appropriate much of its revenues to meet Executive Office's needs through transfers to the parallel funds, social projects (missions) and housing plans, among other programs.

marmas@eluniversal.com