Venezuela Congress plans to investigate PDVSA, China loans

[Zorro]

Venezuela's new opposition-led Congress plans to investigate state-run oil company PDVSA's [PDVSA.UL] financial health and hefty Chinese loans, a lawmaker said on Tuesday.

The OPEC member country depends on oil for nearly all of its export revenue. With the political opposition in control of the National Assembly since this month, rivals of leftist President Nicolas Maduro want to use their new perch to push for greater transparency and accountability at PDVSA.

"We want to know the real state of PDVSA's books," Elias Matta, an opposition lawmaker and vice president of the energy and oil commission, told Reuters on the sidelines of the National Assembly.

"The country wants to know how the money from the Chinese funds were spent. We also want to investigate what the real cost of production is. And why haven't they done the output increases they talked about so much? We're going to have a lot of work in this commission," he added with a smile.

http://news.yahoo.com/venezuela-congress-plans-investigate-pdvsa-china-loans-210609085--business.html

[Bacchus4.0]

1. Venezuela is so screwed. Way to go chavistas nt