PDVSA EXPECTED TO CUT 1992 BUDGET

Venezuela's government will order a cut of about $692 million in the 1992 capital budget of state oil company Petroleos de Venezuela SA. That works out to about 7% of the total budget of 646.8 billion bolivars ($9.95 billion). Most of the cuts will be in capital projects intended to raise crude oil productive capacity to 2.921 million b/d by yearend. Pdvsa had planned to jump productive capacity by about 117,000 b/d this year.

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