May
18, 2004
PDVSA reports
revenue of US$46 billion in 2003
(International Oil
Daily) - "Petroleos de Venezuela earned
a profit of $3.8 billion on revenue of $46 billion
in 2003, according to company President Alí
Rodríguez. Rodríguez, speaking at
a conference on Latin American energy in La Jolla,
California, said PDV plans to invest $37 billion
in expanding production capacity to 5 million
b/d this decade.
The company now has an installed production capacity
of 3.6 million b/d, he explained. Global oil prices
have been distorted by as much as $8/bbl by speculation,
war news from the Middle East and high gasoline
prices caused by tight US refining capacity, said
Rodríguez, who was secretary general of
Opec before becoming PDV president 'The increase
in gasoline prices is responsible for 60%-80%
of the increase in oil prices,' he said".
