State oil company's investments in welfare double those in oil refining
Reports and accounts on the company reveal that between 2007-2011 money allocated for social development, excluding the National Development Fund (Fonden) doubled the amount of investments made in oil refining.
While USD 24.3 went to social programs and production projects, only USD 11.8 billion have been invested in oil refining.
In the meantime, the state oil company has had no other choice but to borrow money to boost oil refining, for instance USD 1 billion from Japanese banks to make some investments in oil refinery El Palito, northwest Venezuela.
Furthermore, lack of resources, restrict availability of material, equipment and personnel, and payment delays have limited the operations of the different refineries of the country, bringing in turn maintenance gaps.
Translated by Jhean Cabrera
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."