PDVSA Plans to Issue US$3.5bn Debt on Local Market

Venezuela's state oil company PDVSA plans to finance new projects by issuing some US$3.5bn in debt on local markets, El Universal quoted company president Rafael Ramirez as saying.

PDVSA is coordinating the issue with the central bank and the finance ministry.

"We are not sure whether we will issue the debt this year, but our goal is to finance large oil projects in the domestic market," Ramirez said.

The paper quoted unnamed financial sources as saying PDVSA could issue dollar-denominated bonds that would be paid for in bolivares by small-scale investors and companies.

This would reduce PDVSA interest rates and help the central bank absorb excess liquidity and reduce inflationary pressures, the paper said.

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