Pdvsa to fund electricity projects for USD 3.7 billion

State-run holding Petróleos de Venezuela (Pdvsa) will back power generation projects for USD 3.7 billion between 2008 and 2014, reported the chairman of the National Assembly Committee on Energy and Mines, Deputy Ángel Rodríguez.

Such amount would account for 41.35 percent of the investment of USD 9 billion planned in this area over the next seven years, stated a press release.

Rodríguez added that 33.91 percent of the lump sum, that is USD 3 billion, will be spent in the Manuel Piar (in Tocoma, southern Bolívar state) hydroelectric plant.

The first unit of this ongoing project is expected to start operations in 2012. The project final completion is planned for 2014.

The remaining 24.72 percent accounts for USD 2.2 billion, which will go to several generation projects.