Ramirez told local press that it will take PDVSA five years to completely recover from the strike
Venezuela, the world's fifth largest exporter of crude oil, produced 3.1 million barrels of oil per day in 2004, according to Venezuelan Energy Minister and President of the state-run oil company PDVSA Rafael Ramirez.
Ramirez told local press that it will take PDVSA five years to completely recover from the strike it suffered in late 2002 and early 2003. The strike, organized by the opposition in an attempt oust President Hugo Chavez, paralyzed 70 percent of PDVSA's operations, Ramirez said.
According to him, PDVSA has expanded its business into Argentina, Brazil and Uruguay.
The firm's net profit from January to November 2004 stood at $6.6 billion, an 88-percent increase over 2003, thanks to higher prices in the international market, Ramirez said.
