Pdvsa lags behind in payments to contractors

State-run oil holding Petróleos de Venezuela (Pdvsa) has not caught up with its payments against invoice to contractors since last August. According to contractors, the delay has escalated, to such an extent that some companies accrue four months without collecting the amounts payable by the holding for their services. The usual term under the agreements and Pdvsa internal regulations is of 30 days. The chair of the Venezuelan Association of Contractors of Oil and Related Companies (Acopav) Reneiro Contreras said that Pdvsa managers attributed the delay to troubles with SAP, the program used by the company to pay online to the suppliers of goods and services. He added that this is not the first time there is a delay. This time, however, the protracted term in default of payment made Acopav send letters to the Pdvsa Finance team. The Petroleum Chamber of Venezuela sent also letters and even conducted several surveys among its affiliates to know about the average delay to pay the bill. Ending last month, the Petroleum Chamber labeled the delay as serious and requested a meeting with Pdvsa CFO Eudomario Carruyo.