PDVSA revenues, borrowing, on rise

Venezuelan President Hugo Chavez speaks during the plenary session of the ALBA (Boliviarian Alternative for the Americas) summit in Caracas February 4, 2012. REUTERS/Carlos Garcia Rawlins (VENEZUELA - Tags: POLITICS)

PDVSA yields: Company bringing in higher revenues, also borrowing more

Carlos Garcia Rawlins

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By News Wires

 09 February 2012 18:29 GMT

Venezuela's state-run oil company PDVSA saw its revenues increase by 35% in 2011 due to high oil prices, the OPEC country's energy minister said on Wednesday according to a report.

Even though revenues increased to nearly $128 billion, the South American country's flagship oil company owes money to its suppliers and has borrowed heavily in recent years, Reuters reported. PDVSA issued bonds worth $10.3 billion in 2011.

"We've got an investment plan worth $236 billion for the 2013 to 2015 period. No one pays for an investment plan with proceeds ... One has to ask for loans, and that's what we're doing," Energy Minister Rafael Ramirez, who also is president of PDVSA, said according to the news wire.

PDVSA boosted issuance in 2011…

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