March 3, 2005
PDVSA profits may boost public spending

(Oxford Analytica) - "Venezuela : State oil company PDVSA released preliminary results for 2004, reporting a 54% year-on-year rise in profits, to 6.50 billion dollars from 4.23 billion in 2003. Revenues rose by 36% for the same period, to 63 billion dollars, largely due to a 29% increase in prices for Venezuelan heavy crude. Oil accounts for some 50% of government revenues, and the sharp increase in oil prices sustained a rise of some 61% in public spending last year, which helped drive strong economic recovery (...)".