Official: Venezuela oil company profits down

CARACAS, Venezuela

Venezuela's energy minister says profits from the South American country's state-run oil company fell last year.

Rafael Ramirez says profits at Petroleos de Venezuela SA fell 28.8 percent in 2010 compared to 2009, despite an increase in international oil prices.

Ramirez told the National Assembly on Thursday that profits reached $3.1 billion last year compared to $4.3 billion in 2009.

Venezuela relies on oil income for about 32 percent of its government budget and 95 percent of its export earnings -- making the decline in revenues a damaging trend for President Hugo Chavez as he attempts to pull his country out of a recession.