UPDATE 1-Venezuela's PDVSA says consolidated debt rose 8.4 pct in 2013

Wed Jan 22, 2014 10:47am EST

CARACAS, Jan 22 (Reuters) - Venezuela's state oil company
PDVSA said on Wednesday its consolidated financial debt rose 8.4
percent at the end of 2013 versus the year before to $43.4
billion, not including its debt to service providers or
financing for joint ventures. 
    Petroleum Minister Rafael Ramirez had said in November the
company's consolidated debt fell to $39.2 billion during the
first half of last year, compared with $40.0 billion at the end
of 2012. PDVSA, the financial engine of Venezuela's socialist
government, accelerated its borrowing sharply during 2013. 
    In 2013, PDVSA sold bonds worth $4.5 billion to finance
operating expenses. It also agreed more than $10 billion in
private loans through agreements with politically-allied nations
including China and Russia, some of them repaid in oil. 
    The company did not give a new figure on Wednesday for its
debts to service companies. During 2012, those debts stood at
$16.75 billion, a 35 percent increase over the year before.
    PDVSA's large social spending commitments are a reason
analysts tend to give less attention to its financial results
than for listed oil companies. Last month, PDVSA said a change
to the tax system and a currency devaluation had helped its net
income soar during the first half of 2013.
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