Venezuela’s state energy plant reports decline in profits

Venezuela's state energy giant, Petroleos de Venezuela, or PDVSA, whose subsidiary is part owner of Jamaica's Petrojam, is reporting a decline in profit.

Net income fell 6 per cent to US$4.2 billion dollars in 2012 from the previous year and recorded a slight decline in revenue to US$124 billion dollars.

The declines came even as Venezuela's basket of heavy crude oil and petroleum products posted a record price of US$103.42 a barrel during the year.

The company also saw its debts with service providers rise by 35 per cent to more than US$16.7 billion dollars.

PDVCaribe, a subsidiary of PDVSA and the Petroleum Corporation of Jamaica, jointly own Petrojam.

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