Venezuela: PDVSA Reports Big Profit Rise
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Thursday, 03 July 2008 |
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PDVSA state oil company reports 1Q profit up 80 percent as oil prices soar.
Petroleos de Venezuela SA says net income reached US$3.5 billion in
the quarter ending March 31, up from US$1.9 billion in the same period
last year. Export earnings rose 53 percent to US$30.7 billion, even as
exports fell 1 percent over the year-ago period, buoyed by soaring oil
prices.
Venezuelan crude averaged US$88 per barrel for the quarter, up 81
percent from last year. PDVSA says operating costs increased 38
percent to US$24.3 billion in the first quarter, mainly due to large
purchases including oil rigs from China.
The company says it upped investment 46 percent to US$1.7 billion.
PetrolWorld 020708
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