Oil, Venezuela's Lifeblood, Is Now Its Social Currency, Too
Date: Saturday, July 24 @ 18:36:01 PDT
Topic: Production; Extraction; Exploration
The government recently announced that $2 billion in Pdvsa revenue would bypass the central bank and form a special development fund to pay for public projects like a hydroelectric plant and a new state airline. Another $1.7 billion - taken from Pdvsa's $5 billion capitalization budget - is going to social programs, Rafael Ramírez, the minister of energy and mines, announced.
Some oil experts warn that huge expenditures like these will permanently damage a company that needs to spend up to $3 billion annually just to keep production stable.
The Ledger
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