Venezuela cuts oil payment time

CARACAS, Venezuela, Jan. 8 (UPI) -- Venezuela's state energy company, PDVSA, decided Tuesday to cut the period for which foreign companies can pay for oil from 30 days to eight.

Venezuelan officials said they decided to reduce the length of its payment period so PDVSA can, in turn, reinvest in its infrastructure sooner, Globovision TV reported Tuesday.

Officials also attributed the decision to the declining value of the dollar.

In 2007, Venezuela assumed majority control of several large oil projects, including those of U.S. producer ExxonMobil.