March 7, 2006
Pdvsa to spend USD 2.3 billion in social programs

(El Universal) - State oil holding Petróleos de Venezuela, S.A. (Pdvsa) plans to spend around USD 2.3 billion in government programs known as misiones and housing and agriculture programs this year, a 32 percent increase compared to 2005, when the corporation disbursed USD 1.7 billion.

Sources said that Pdvsa is to spend USD 932 million in President Hugo Chávez' administration special plans (known as misiones.)

In 2005, the firm expected to disburse USD 745 million for such purposes, but it actually spent USD 1.1 billion.

Official sources claimed the funds would be earmarked for misiones under Pdvsa, such as Vuelvan Caras, Ribas, Barrio Adentro, Guaicaipuro and a portion of Mercal. These programs are related to the fields of job generation, education, healthcare and low-cost food retailing.

Further, Pdvsa plans to spend USD 699 million in agriculture projects and other USD 699 million in housing projects.