PDVSA 2001 Profits Down 40%

PDVSA's net profit for year 2001 fell a 40% to $4.32 billion over the year 2001 and net revenues went down to $46.25 billion, or 14% lower than the previous year, PDVSA said in a press release. According to PDVSA the down turn in last year business is accountable to lower world oil prices, world oil demand, U.S. economy recession and oil output cuts order by the Venezuelan energy minister due to the OPEC agreements.

PDVSA capacity stood at 3.993 million b/d, of which 3.5 million b/d corresponds to PDVSA and 488,000 b/d come from the extra-heavy crude oil projects in the Orinoco Belt. Domestic refining stood at 1.17 million b/d with a profitable margin of $3.14 a barrel while 1.26 million b/d were processed at refineries abroad. PDVSA expanded its reserves by 500 million barrels of light and medium crude. Investment over 2000 stood at $3.8 billion, $649 million up from the previous year. PDVSA paid a total of $11.83 billion in taxes to the government in 2001, of which $4.77 billion were dividend payments. Investment over 2000 stood at a meager $3.8 billion, but still $649 million up from the previous year. The average price for the year stands at $19.20/bbl, versus last year $20.21/bbl, $25.91/bbl in 2000 and $16.04/bbl in 1999. The average price for the Venezuelan basket of crude oil was at $1.93 to $23.13/bbl for the week ending May 17, compared to $21.20/bbl the previous week.