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Article: PDV profits slip as company foots bill for social programs.(Petroleos de Venezuela S.A.)(Financial report)
- Article from:
- The Oil Daily
- Article date:
- September 11, 2007
- Author:
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Venezuela's state-owned oil company Petroleos de Venezuela (PDV) saw its net profits fall to $5.4 billion in 2006 from $6.5 billion the previous year, despite a 20% increase in revenues, the company said Monday.
Net revenues rose to $99.3 billion from $82.9 billion in 2005, according to a document published on PDV's website. The lower profits for 2006 were mainly the result of larger transfer payments to the government, which amounted to $40 billion, a significant increase over previous years, the company said.
PDV paid a total of $18.3 billion in royalties and taxes for 2006, up more than 60% from $11.3 billion in 2005, as a result of the country's ...