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Where’s PDVSA’s 2008 Report?

PDVSA is several months delayed in releasing its audited annual report and an unaudited version is sowing doubts.


Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA), already beleaguered because of falling oil prices and problems paying suppliers, has yet to release its audited 2008 financial report. Last year, it had released its 2007 report – audited by KPMG -- in March.

“My guess is that the main reason we have not seen audited statements so far this year is that KPMG is questioning the accounts receivable numbers,” says Roberto Bottome, editor of the Caracas-based newsletter VenEconomy.There also may be a problem with PDVSA's overseas purchases.” 

In February, Venezuela’s energy ministry provided the national assembly with a report on PDVSA and chemical company Pequiven. According to the report, PDVSA registered 2008 revenues of $134.6 billion, an increase of 39.9 percent. Meanwhile, net income doubled from $6.3 billion in 2007 to $12.1 billion last year, it says.


“The figures given in the report are unaudited, but a back of the envelope estimate suggests that the income figure given by Venezuela is highly unlikely,” says Gustavo Coronel, a former member of the board of PDVSA.

Both Bottome and Coronel doubt the official production figures released by the Energy Ministry.

“I believe PDVSA's production figures are fudged,” Bottome says. “We are talking about...

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Keywords: Brazil, Exports, Japan, Production

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