Treasury and welfare programs to receive USD 60 billion from 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
Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.