Petroleos de Venezuela SA ’s annual net income rose more than three-fold as the state-owned oil producer spent less on social programs, reduced costs after currency devaluation and sold assets. Profit rose to $15.8 billion last year from $4.3 billion in 2012, according to a bond offering circular dated May 14, a copy of which was obtained by Bloomberg. So-called comprehensive net income was $12.9 billion, up from $5.1 billion. Spending on social projects declined to $13 billion from $17.3 billion in 2012. Ousted Planning Minister Jorge Giordani, who was also removed from PDVSA’s board this month, said in a June 18 letter that the company had started to show “signs of independence” under President Nicolas Maduro, derailing the long-term development goals of former President Hugo Chavez. Venezuela devalued the bolivar by 32 percent in February, 2013, taking the primary official rate to 6.3 bolivars per dollar. The country […]