Baker Hughes forecasts USD 25-million loss upon devaluation in Venezuela
The fall in the revenue of the oil services firm will represent some nine percent of the estimated average net income in the first quarter, Reuters reported
The fall in the revenue of the oil services firm will represent some nine percent of the estimated average net income in the first quarter, Reuters reported.
Last Friday, the Venezuelan Government announced it would devalue its currency to bring relief to public finances. The adjustment in the foreign exchange rate entered into force this Wednesday.
Additionally, Baker Hughes' major rival, Halliburton Co. estimated that devaluation in Venezuela would lead to exchange losses amounting to some USD 30 million, around 6% of the expected revenue in the first quarter.
Translated by Jhean Cabrera
Ever since last March 9, when US President Barack Obama issued an Executive Order declaring Venezuela an "unusual and extraordinary threat" to the United States, the Venezuelan government has screamed denunciations of supposed plans of invasion or military incursion by the United States.