PDVSA, Second Most Sound LatAm Oil Company

State run oil company Petróleos de Venezuela (PDVSA) qualifies today as one of the most sound companies financially in Latin America, supported by assets estimated at 107 billion dollars in 2007. Industry data show the corporation significantly increased its wealth in a six year period, as in 2001 it only was worth 55.9 billion dollars in that indicator.

In that sense, the growth of the elements composing the assets reaches 91.2 per cent in the mentioned period, as a result of the expansion of investments and infrastructure.

According to Panorama daily, the Center for Latin American Oil Studies placed PDVSA last year in the second place according to its financial soundness in the region.

The leading place went to Brazilian Petrobras, with assets for over 210 billion dollars.

However, analysts estimate that current management of the Venezuelan oil entity could increase the indicator by almost 8 billion dollars.

That trend is boosted by crude prices increase, as the Venezuelan oil basket already accumulates in 2008 average values above the 80 dollars per barrel.

Thus it maintains the trend of the last years, as in 2003 the price stood at 25.76 dollars per barrel, increasing to 32.88 in 2004, 46.03 in 2005, 56.45 in 2006 and 65.20 dollars last year.