PDVSA delays filing 2002 results

Venezuela's state oil company PDVSA has requested a 15-day extension to present its audited 2002 financial results to the US securities and exchange commission (SEC) because of disruptions caused by a work stoppage in the first quarter, PDVSA said in a statement. PDVSA was supposed to present its results on June 30, but will now do so by July 15 because of the effects of the December-January strike, the company said. PDVSA cut its workforce 45%, from 40,000 employees in December 2002 to 22,000 at the end of 1Q03. The lack of personnel and the need to train new staff meant PDVSA could not begin the process of closing its year-end accounting records until May 2003, instead of January as usual. This also delayed PDVSA's external auditors starting the final phase of the audit of the company's financial statements. In a separate statement, PDVSA announced that audited financial statements for PDVSA Finance Ltd for the year ending December 31, 2002 have been filed with the SEC on Form 6-K. PDVSA's US subsidiaries, Citgo Petroleum Corporation and PDV America Inc filed their annual reports on Form 10-K for 2002 with the SEC in March 2003. PDVSA plans to hold its annual general meeting in mid-late July, energy minister Rafael Ramirez said, government news service Venpres reported. At the meeting the company will discuss the financial situation of the industry and present its business plan for new projects in Venezuela and other countries.