(PDVSA, 26.Jan.2017) – Members of the Hydrocarbons Economic Driver of the Bolivarian Economic Agenda, met at La Campiña headquarters of PDVSA in Caracas, for the presentation of the first annual report.
The first session of 2017 was attended by more than 30 representatives from the Bolivarian Federation of Energy and Oil (FEBEP), Venezuelan Oil Chamber (CPV), Venezuelan Hydrocarbons Association (AVHI), Venezuelan Gas Processors Association (AVPG), Federation of Small and Medium Size Industries and Artisans (Fedeindustria), and Covencaucho.
“This was one of the economic drivers with the most activity, dynamism and results; it was extremely productive,” said Eulogio Del Pino, president of PDVSA and coordinator of the hydrocarbons sector. He said the agenda is already set for the first four meetings which will focus on each of the sectors that are particularly important for the hydrocarbons sector, on a weekly basis.
He also announced key achievements, including $5 billion financing obtained for oil production joint ventures with the main partners, both national and international. Also, large scale projects continued, such as Puerto La Cruz Refinery’s Deep Conversion in the state of Anzoátegui, with an investment of more than $8 billion.
New joint ventures were created with the national private productive sector. “Traditionally, they had imported supplies which now we will produce in the country, such as grooved pipes. About eight of these companies are already in full production,” he said. And a discussion group is being formed to look at the production, supply and remand of lubricants.
“We signed export agreements with our neighboring countries and strengthened our efforts geared at the Caribbean refineries where we have operations, including Aruba and Curacao. We also held binational events with Trinidad and Tobago, specifically in the border areas where we have common reservoirs,” he said.
Del Pino said that the meeting was productive. “It definitely means that 2017 will be of great boost and advance.”
Debt reduction
For the president of PDVSA, reducing PDVSA’s financial debt in an economically difficult year was particularly important. This was possible thanks to the bond swap and timely payments.
“We were required to publish our consolidated debt before January 20. Currently, the debt is down by $2.7 billion from the previous year,” Del Pino said.
Finally, he spoke about new financing strategies and novel oil industry hiring schemes which contributed to positive results, and indicated that PDVSA lowered costs by 30%, which is fundamental for the Venezuelan economy.
***