The state-owned oil company PDVSA reported recently a record profit increase for Q1 2008, from 1.915 billion to 3.411 billion dollars, or an 80.2% more than the profit for the first quarter 2007.

That was the net profit for PDVSA. The profits before taxes and "social expenditures" (in Venezuela, the oil company is directly and heavily involved in social welfare projects) were 7.464 billion dollars.

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