UPDATE 1-Venezuela's PDVSA 2012 revenue slips 0.2 pct -oil minister

CARACAS, March 22 (Reuters) - - Venezuelan state oil company PDVSA's 2012 revenue slipped 0.2 percent compared with a year ago to $124.5 billion, while profit fell 6.1 percent to $4.2 billion, the OPEC country's oil minister said on Friday.

Debts to service providers rose 35 percent to $16.5 billion, while investment jumped 37 percent to reach $24.5 billion, Rafael Ramirez told reporters.

The company paid $28.3 billion to finance social programs created by the late socialist leader Hugo Chavez, who died this month after a two-year battle with cancer. Under his leadership, PDVSA evolved into the financial engine of anti-poverty efforts from a profit-oriented company.

"This is not a company designed to generate profits. This is a national company. We're not here to provide benefits to private individuals," Ramirez said.

PDVSA funds programs ranging from free health clinics to sports and cultural projects. Last year, it led an ambitious government plan to build hundreds of thousands of homes.

Critics have said the government has not invested enough in increasing production and that it has scared off many foreign investors by nationalizing most of the industry.

Venezuela had 381 drilling rigs active at the close of last year, Ramirez said.