Caracas,
30 September 2003.-
The documents pertaining to the annual report of Petróleos de Venezuela, S.A. (PDVSA),
and of its subsidiaries PDVSA Finance Ltd. and Propernyn B.V. will be delivered,
under Form 20-F, to the US Securities and Exchange Commission (SEC) before the
31st October 2003, as notified by PDVSA to the trustee of the
investors holding outstanding bonds. By that date, the analysis and notes to the
financial statements provided by the external auditors will have been completed.
These requirements have become ever more demanding and rigorous worldwide.
It
should be pointed out that PDVSA will provide a larger amount of information
related to its operations and administration, in greater detail and transparency
than in previous years. This will enable the SEC to have wider and more precise
knowledge of the Venezuelan national oil corporation’s business.
Despite
the December 2002 – January 2003 crisis, PDVSA’s operations have recovered
successfully. At the July 2003 closing, its operations had achieved an oil
production of 3.3 million barrels per day (bpd); refining locally 1.1 million
bdp, and exporting 2.4 million bpd. Similarly, PDVSA has complied fully with its
financial commitments abroad, with disbursements reaching US$ 1,8 billion at the
end of September 2003; of this amount, US$ 1.4 million corresponded to debt
repayment. As a result of these achievements, internationally recognized firms
have consistently been upgrading Petróleos de Venezuela credit ratings.
In
June this year, PDVSA notified SEC to the effect that it was unable to present
its annual report under From 20-F in the time required (15 July deadline),
because the sabotage which took place in December 2002 and January 2003, and
which resulted in a 45% reduction of its employee payroll at the end of the
first quarter. The work stoppage also negatively affected the Corporation’s
financial and other computerized systems. Most of PDVSA’s financial and other
computerized control began to operate progressively after February 2003.
In
the first quarter 2003, PDVSA Finance Ltd.’s audited financial statements for
the year ended December 31, 2002 have been completed and furnished to the
trustee and to the SEC on Form 6-K. Similarly, PDVSA Finance Ltd. has delivered
its financial statements for the first quarter 2003 and its monthly reports as
of August 2003. Additionally, PDVSA’s U.S. subsidiaries, CITGO Petroleum
Corporation and PDV America Inc., filed their annual reports on Form 10-K for
2002 with the SEC, on a timely basis, in March 2003.