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
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
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.