Pdvsa's contribution to the Treasury climbs to 5% in 2012 only
Last year, Venezuela's state-run oil company Pdvsa's resources to feed the budget amounted to USD 19.9 billion
In a statement, the oil industry informed having allocated via royalties, dividends and income taxes some USD 19.9 billion as against USD 19 billion recorded in 2011.
Although the Venezuelan oil basket yearly average in 2013 was USD 100 per barrel, the oil company has managed to raise its contributions to the central Government via other sources different from the ordinary budget, which is intended to feed the budget.
Indeed, since 2011, Pdvsa has been directing a portion of its revenues to social-production plans. In 2011, the Executive Office modified the legal framework to secure further funds for such special programs.
Analysts have pointed out that whenever there are more resources in the parallel funds, the Executive has more chances to expend them. In the meantime, all the needs arising from the ordinary budget are met with additional credits.
According to Pdvsa's data, the company's contribution to welfare programs, including housing, amounted to 40.3 billion in 2012, similarly to that in 2011.
Translated by Jhean Cabrera
María Fernanda Astudillo is a store analyst for Alimentos Polar working at the company's facilities in La Yaguara. At only 23 years of age, she has made a career in that company where she has worked for the last six years. Now, besides her responsibilities, which include overseeing shipping/receiving and warehousing of goods, she is taking part in the roundtable discussions among the other companies operating in the La Yaguara industrial park, the Government and the workers exploring possible ways of coping with the order to expropriate the land.