Venezuela cuts oil payment time

Published: Jan. 8, 2008 at 11:26 PM

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.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
China October trade surplus jumps (8 min)
Industrial output up 16 percent in China (16 min)
Watercooler Stories
Jockstrip: The world as we know it.
Your Daily Horoscope
The almanac
Empty Nest: If it's Tuesday it's NoHo
fark
Duly noted in this obituary: Giant clanking testicles do not stop one from giving one's windscreen...
British woman christens her new pet dog. In a pub. With beer
Darth Vader ends his tenure as a Dark Lord of the Sith and finds new work as a cathedral gargoyle....
Japanese government imposes waistline standard in attempt to avoid American-style epidemic of obesity:...
Jane Fonda says her sex life at 71 is better than ever, provided you don't get impaled by her metal...
Faced with a high school student wanting to bring her girlfriend to the prom, the principal does...