Venezuela to cut oil company costs by 40 %

Mar 03, 2009 01:00 AM

Venezuela's state-run oil company plans to slash costs by 40 % as it struggles with low crude prices amid the global financial crisis.
The president of Petroleos de Venezuela says PdVSA aims to reduce spending on services provided by nearly 250 companies by renegotiating contacts.

Rafael Ramirez said that PdVSA is no longer willing to pay "high prices" that service companies charged last year, when oil prices hit $ 147 a barrel. They face debts with an estimated 6,000 contractors. Some payments are more than four months overdue.
A recent fall in oil earnings, combined with a slow decline in Venezuela's oil production, have hurt PdVSA's finances.

Source / The Associated Press
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