PDVSA poised to start selling dollars to Central Bank of Venezuela

<a href=www.vheadline.com>Venezuela's Elecronic News Posted: Friday, March 28, 2003 By: Patrick J. O'Donoghue

Planning & Development Minister Felipe Perez Marti says Petroleos de Venezuela (PDVSA) is poised to sell the Central Bank of Venezuela (BCV) $625 million.  "Definitely good news ... in normal conditions PDVSA offers the BCV $300 million a week ... once the first lodgment has been made, it will boost international reserves." 

However, critics argue that there are invoice problems, especially in international reserves because despite the suspension of foreign currency exchanges since March 21, reserves have only increased in $339 million. 

Adding to the doubt, PDVSA subsidiary in the USA, Citgo has not registered income to the BCV, even though a Citgo communique has announced that it is paying for all PDVSA cargoes of crude and complying with supply contract terms.

Another contradiction, critics claim, lies in PDVSA's total invoice ... Minister Perez Marti estimates $1.8 billion, as do internal PDVSA estimates ... in contrast, Energy & Mines Minister Rafael Ramirez' tally is $3 billion, that is from December till today.