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12

PDVSA Increases Supply Gasoline to Domestic Market

Venezuela's state oil company plans to increase its supply

Venezuela's state oil company plans to increase its supply of gasoline to the domestic market by late 2007, a PDVSA official said Monday.

Petroleos de Venezuela SA currently supplies 450,000 barrels per day of gasoline, diesel and other refined oil products to the domestic market and now plans to increase that to 535,000 barrels per day by late 2007.

That, however, is expected to fall in 2008 as part of the nation's automobile and bus fleets switch to natural gas, he said.

Currently, PDVSA's crude oil domestic refining network can process up to 1.3 million barrels a day, and the company exports 700,000 barrels per day of refined products.

Venezuela's government spends over a billion dollars a year subsidizing domestic gasoline prices, which are some of the lowest in the world at roughly $0.10 a gallon (euro.03 a liter).