- President Chavez said his government will create several state companies to replace oil service contractors now doing business in Venezuela. Chavez said oil contractors often "take a chunk of cash" for their work and, he asked, "Who keeps the big earnings?" (3/23, #9)
- Venezuela’s PdVSA is offering oil service companies joint venture deals as a way of capitalizing billions of dollars in unpaid service bills. PdVSA is facing a cash crunch since prices for Venezuelan oil plummeted last year. As a result PdVSA has stopped paying for services at the well since August. (3/27, #9)
- PdVSA has begun the gradual payment of outstanding bills to large oil contractors, some of which insist the oil company isn't doing enough. PdVSA has paid a fraction of its debt—up to 7% to some—to a group of 56 oil-service companies and rig operators struggling to get paid by the cash-strapped government. (3/25, #10)
- PdVSA has cut its investment this year by almost 40 percent to $12 billion. The remaining funds will go to projects that include the modernization of two refineries and further development of the Orinoco Belt. The government also announced a revised 2009 budget, as it was based on $60 oil. (3/28, #10)
- Venezuela will increase its value-added tax from 9% to 12% and almost triple its debt to counteract a drop in the price of oil that is squeezing the government's finances. (3/23, #5)
