Revenues higher for Venezuela oil company in 2011

CARACAS, Venezuela (AP) — Venezuela's state oil company says its revenues were up last year amid higher oil prices, as were its contributions to government social programs.

State oil company Petroleos de Venezuela SA says its revenues increased from less than $95 billion in 2010 to more than $124 billion last year.

It says in a financial report that it contributed a total of about $30 billion last year to a government development fund, a public housing construction program, and other social programs and projects. That was up from about $7 billion a year earlier.

The company's debt also increased from about $21 billion in 2010 to more than $32 billion last year.

Venezuelan Oil Minister Rafael Ramirez is president of the state oil company and presented the financial results on Tuesday.