Treasury and welfare programs to receive USD 60 billion by Pdvsa
USD 15.5 billion has been transferred to Fonden in 2012
Contributions made by Venezuela's state-owned oil company Pdvsa to the treasury and welfare programs total USD 60.3 billion in 2012.
Oil price, averaging USD 100 per barrel this year, has yielded higher income for the oil company, and particularly for the different mechanisms controlled by the Executive Office.
Rafael Ramírez, Minister of Petroleum and Mining and president of Pdvsa, informed on Wednesday the members of the National Assembly Finance Committee about the total funds to be provided by the oil company. During his presentation, he elaborated on the contributions to welfare programs.
Out of the total amount of money the Government will be receiving from Pdvsa, some 26% will be allocated to the National Development Fund (Fonden).
The oil minister stated that Fonden got USD 14.2 billion from Pdvsa in 2011, and as much as USD 15.2 billion will be given in 2012, therefore contributions will be increasing by 11%.
Pdvsa's contributions to Fonden derive from oil windfalls. Ramírez pointed out that Fonden has received from Pdvsa USD 59.3 billion since 2005.
Translated by Jhean Cabrera
That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.