Venezuela imports of petroleum increase 150%

AP/IHT:

Venezuela's state petroleum company, PDVSA, increased petroleum imports by nearly 150 percent between the first quarter of 2007 and the same period this year, bank statistics show.

A report by the Venezuelan Central Bank this week demonstrated that petroleum imports reached US$1.5 billion (€964 million) during the first quarter of 2008. The imports — which include diesel oil, gasoline and chemical additives for gasoline products — are the country's highest in more than a decade.

...

While Venezuela is still a net exporter, the fact that they have to import certain petroleum products suggest that since Chavez take over of the industry they have become more dependent on foreign sources. This makes Chavez vulnerable in much the same way Iran is because it lacks a domestic refinery capacity.

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