Privatization - Venezuela

Bariven to Sell PDVSA Equipment

Bariven to Sell PDVSA Equipment

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Venezuela's Bariven, a subsidiary of state oil company PDVSA, plans to intensify the sale of part of its equipment and spare-parts inventory, Bariven director Leopoldo Aguerrevere said. The company would call local and foreign bidders within one month for an expected Bs$20bn (US$33.9mn) in equipment. Aguerrevere added that low international oil prices and the subsequent fall in activities in PDVSA have forced the company to speed up the sale process. Bariven is in charge of the acquisition of equipment and materials in foreign markets for PDVSA's operations. Its main activities are international procurement, purchase agreements, market analysis, logistics, relations with clients and providers. In 1998 the company spent Bs$922bn (US$1.63bn), although at the beginning of that year Bariven had planned to spend US$3.1bn.