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CARACAS, Friday March 22, 2013 | Update
 
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OIL

Venezuelan oil firm Pdvsa's debt to suppliers jumps 41% in a year

The obligations of the Venezuelan oil giant climbed from USD 10.4 billion in 2011 to USD 14.6 billion in 2012

Drilling companies are to curb the services they provide to Pdvsa for nonpayment (AFP)
ERNESTO J. TOVAR |  EL UNIVERSAL
Friday March 22, 2013  11:36 AM
Since the Venezuelan Executive Office has forced state-run oil company Pdvsa to fund a large number of government programs and projects while providing 95% of petrodollars to the Treasury, the petroleum firm faces significant liabilities because of poor fiscal policies. 

According to the annual report for fiscal year 2012 presented by the Ministry of Petroleum and Mining, Pdvsa's accounts payable to suppliers soared 41% last year.

The oil company's consolidated financial statements show that obligations with suppliers amounted to USD 14.66 billion, USD 4.23 billion above the amount recorded a year earlier (USD 10.41 billion).

Similarly, accounts receivable swelled 24% in the same period, climbing from USD 31.57 billion in 2011 to USD 38.99 billion in 2012. Receivables related to oil operations with Cuba and Petrocaribe member states are included. These operations exceed 200,000 oil barrels per day.

The financial report indicates that Pdvsa's assets in cash or cash equivalents fell by 51% in 2012, slipping from USD 8.61 billion in 2011 to USD 4.18 billion in 2012. This shows the various difficulties the Venezuelan oil company is facing to meet expenses and reduce accumulated debts to suppliers, which have been on for some years now.

Pdvsa's oil revenues in 2012 stood at USD 121.02 billion, down 3% (USD 3.72 billion) with respect to a year earlier. Meanwhile, overall earnings rebounded 2.81% and hit USD 4.71 billion.

Pdvsa's liabilities include debts to drilling services providers, which are involved in exploration and production activities. Such liabilities may translate into a drop in oil output. Early this week, US oil company Schlumberger, the world's largest oil service supplier, announced a reduction in its operations in Venezuela due to Pdvsa's accumulated debts.

Translated by Jhean Cabrera
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