Economics &
Finance
Inflation at 9.8% by August, nine
basic food items rely heavily on imports
The Central Bank of Venezuela (BCV) announced that
accumulated inflation from January through August slowed down and stood at 9.8%.
BCV's Chairman Nelson Merentes and Finance Minister Jorge Giordani said this
was a highly positive result. Last year's accumulated inflation was 18.6% for
the same period. "By the end of the
fiscal year inflation may be below the estimated levels, 20-22%,"
Merentes said. Low food prices are the reason for the drop in inflation, and
such decline is the result of a "growing
(domestic) production, the Law on Cost and Fair Prices, and a better
distribution of products," according to the BCV president. The Central
Bank also said 30% of the beef and 90% of the powdered milk consumed in
Venezuela are imported. 80% of liquid milk is also imported. (El Universal,
09-05-2012; http://www.eluniversal.com/economia/120905/venezuelan-inflation-at-98-by-august) and more in Spanish: (El Nacional;
http://www.el-nacional.com/)
Private banks may participate in "Petrobond"
distribution
President Hugo Chávez announced that the private and public banking
sectors will work together on national apportionment of Petrorinoco bonds (Petrobonds).
He said the government and private banks will sign agreements for private
financial institutions to distribute bonds in remote places where Banco de
Venezuela (a state-run bank) does not have branch offices. (El Universal, 09-05-2012; http://www.eluniversal.com/economia/120905/banking-private-sector-participates-in-petrobonds-distribution)
Commodities
PDVSA to invest U$D 18 billion this
year
Venezuela’s oil minister announced that state oil company
PDVSA plans to invest U$D18 billion this year, primarily in exploration and production.
Rafael Ramirez, who also heads PDVSA, says that in 2006 investment in the oil
industry totaled U$D 5.83 billion and then climbed to U$D 11 billion in 2007
and U$D 15.44 billion in 2008. He said that U$D 13.54 billion were invested in
2009 and U$D 10.7 billion in 2010, a “bad
year” due to the “impact of the entire drop in the price” in 2009, while
investment rose to U$D 17.53 billion last year. He confirmed that in 2011 the
Venezuelan oil company posted U$D 124.75 billion in revenue. (Latin American
Herald Tribune, 09-05-2012; http://www.laht.com/article.asp?ArticleId=570259&CategoryId=10717)
Minister claims processing units
undamaged
Venezuelan Minister of Petroleum and Mining Rafael
Ramírez claims that processing units (for the output of by-products) reported
no damages upon the explosion of the Amuay oil refinery in northwest Venezuela.
He also said that a comprehensive revision is in place to ensure no further
leaks. Although the minister did not
reveal the cost of overall damages, he stated, "nine out of 680 tanks has been affected (at the Paraguaná Refining
Complex). Four out of the nine burnt tanks collapsed, eventually. The other
five suffered some damages. We are evaluating everything, including all the
systems; we are changing the valves." (El Universal, 09-05-2012; http://www.eluniversal.com/economia/120905/venezuelan-minister-of-petroleum-processing-units-undamaged; Latin American Herald Tribune, http://www.laht.com/article.asp?ArticleId=570068&CategoryId=10717)
Nation has fuel reserves for 10 days
Oil and Mining Minister and PDVSA Chief Rafael Ramírez says
“the country still has fuel reserves for
10 days” after the explosion at the Amuay Refinery a little over a week
ago. He also reiterated the country “is
not importing gasoline.” (Veneconomy, 09-05-2012; http://www.veneconomy.com/site/index.asp?ids=44&idt=31946&idc=4)
Perla gas field production at least
15 months away
The start of production at Venezuela's big offshore Perla
gas field is still at least 15 months away, said a partner involved in the
project, delaying once again the country's plans for domestic production of
natural gas. Although Venezuela boasts some of the world's biggest natural gas
reserves, and is one of its biggest oil exporters; the country doesn't yet
produce gas commercially. The nation hopes the Perla field and other future gas
projects will help it rely less on neighboring Colombia for its supplies. The
project partners said last year they hoped to have some initial production from
Perla by the end of 2012. (Reuters, 09-05-2012;
PETROPIAR upgrader restarting after
maintenance
A maintenance shutdown of the PETROPIAR oil upgrader is
over, but a full return to production could still take two weeks, said the
senior executive for the Venezuelan unit of Chevron, a partner at the facility.
The upgrader, which converts heavy crude from the OPEC nation's Orinoco belt
into lighter and more valuable oil, was shut down in July for maintenance and
to expand capacity. With maintenance complete, the facility will now gradually
resume operations. (Reuters, 09-05-2012; http://www.reuters.com/article/2012/09/06/venezuela-oil-petropiar-idUSL2E8K602O20120906)
PDVSA says six Orinoco projects to
begin pumping this year
PDVSA says that six new projects in the Orinoco heavy oil
belt are expected to start production by the end of the year, setting yet
another target for development of a delay-plagued region vital to increased
production in the country. The first project to begin producing, said Rubén
Figuera, the PDVSA executive in charge of the Orinoco belt, will be
Petromacareo, its joint venture with Vietnamese oil company PETROVIETNAM. After
that there will be projects with Italian, Russian, Spanish, and American oil
companies. "This year we'll begin
early production at all of the new developments in the belt," said
Figuera, at an oil industry conference in the coastal city of Puerto la Cruz.
"The expectation for the wells is extraordinary." (Reuters,
09-05-2012; http://www.reuters.com/article/2012/09/05/venezuela-oil-production-idUSL2E8K5GMJ20120905)
Venezuela confirms start-up of oil exploration
off Cuba
Venezuela – State-owned oil giant Petroleos de Venezuela (PDVSA) has
started exploring for oil in deepwater areas off Cuba, Oil and Mining Minister
Rafael Ramirez said. “It started and when
we have the results, we’ll tell the country,” Ramirez said, without
providing further details. State-owned Cubapetroleo, or CUPET, said in early
August that PDVSA would continue drilling in deepwater areas despite the fact
that other foreign oil companies hit two dry holes. (Latin American Herald
Tribune, 09-05-2012; http://www.laht.com/article.asp?ArticleId=570242&CategoryId=10717)
Logistics
& Transport
Politics
Capriles pledges to end barriers to
domestic production
A large part of the Capriles "Made in Venezuela" plan for the economy is based on "stimulating" domestic production,
to achieve 6-7% growth annually, "end"
scarcity, and promote diversification and exports His platform adds "In recent years Venezuela has become unattractive for business, due to
mistaken policies that threaten those who would invest". More in
Spanish: (El Universal, 09-07-2012; http://www.eluniversal.com/economia/120907/capriles-promete-eliminar-trabas-a-la-produccion-local)
Venezuela to appoint envoy to
Colombian peace process
Foreign Minister Nicolás Maduro has said President Chávez will in the
next few days be appointing an envoy to join the commission leading the
Colombian peace process. "The
guidelines, activities, and the scope of Venezuela's support in the talks,"
will be set out by the Colombian Government, said Maduro during an interview. (El Universal, 09-05-2012; http://www.eluniversal.com/nacional-y-politica/120905/venezuela-to-appoint-envoy-to-colombian-peace-process; http://www.eluniversal.com/nacional-y-politica/120905/venezuelas-incorporation-in-colombian-peace-talks-is-a-concession)
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