Chavez says Venezuela to earn $75bn in oil
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Venezuelan president Hugo Chavez has said that his country will earn some $75 billion (£38.5 billion) in revenue from oil this year, according to Thomson Financial.
The Venezuelan leader announced his estimate for oil revenue during a speech yesterday in which he also detailed plans to invigorate the country's economy, the news provider has reported.
In a televised broadcast, Mr Chavez said: "We have 55 major projects in the oil sector that will be completed between 2008 and 2013, representing [a] total investment of 175 billion bolivars [£41.8 billion]".
Mr Chavez revealed plans to eliminate a tax on financial transactions made by companies and announced that Venezuela's industry will be boosted with an injection of $1 billion over the next two years.
In related news, gold mining company Rusoro, which has mining operations in the Bolivar state in southern Venezuela, recently announced that it is to receive an investment of $20 million from Russian company Peter Hambro Mining.
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