State non-oil companies receive funds from Pdvsa and central bank

Venezuelan state-owned oil company Pdvsa is responsible for providing funds to the country's basic industries

Production of the state-run steel company dropped 29.9% in 2012 due to labor conflicts and delayed funds for investments (File photo)
Friday January 11, 2013  10:54 AM
During a meeting held in May 2012 with the Council of Ministers to highlight allocations to the so-called Efficiency Fund, Venezuelan President Hugo Chávez stressed "the need for keeping up encouraging companies so they can continue growing and then be able to yield dividends that will be reported to the people. This is the economic revolution."

However, the stimulus has not been enough. State-run companies are facing financial needs that are being met by state-owned oil company Pdvsa and the Central Bank of Venezuela (BCV).

In 2012, the oil industry and the BCV sent funds to state industries that according to some analysts were used to fill the industries' economic gaps.

BCV data reveals that by the end of 2012, the financial institution allocated some USD 3.6 billion to non-oil public companies.

Moreover, over the last two years, Pdvsa itself has received financial aid from by the BCV and in late 2012 further resources were allocated to Pdvsa and the non-oil state companies so they could meet their deficits.

Resources requested by the state oil company have been mainly oriented to meet obligations established by the Venezuelan Government, namely welfare programs, including housing; labor liabilities, the so-called mining arc in Guayana (south Venezuela), projects in agriculture, and an investment program for the basic industries, south Venezuela.

In an attempt to boost steel production, Venezuelan President Hugo Chávez ordered Pdvsa to provide funds to state-owned steel company Sidor, yet the company's steel output by the end of 2012 was down 29.9% due to labor conflicts, spare parts and raw material shortage, and delays in the delivery of funds for investments.

Translated by Jhean Cabrera
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