Venezuela's PdVSA Announces $1.4B Refinancing in Petrocedeno

Orinoco Heavy Oil Belt
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NEW YORK, March 20, 2008 (Dow Jones Newswires)

Venezuela's state-controlled oil firm Petroleos de Venezuela, or PdVSA, said Thursday it has refinanced $1.4 billion in debt in Petrocedeno, a heavy oil project formerly known as Sincor.

PdVSA controls Petrocedeno, with France's Total SA and Norway's StatoilHydro ASA as minority partners.

The refinancing secures "the support and confidence of national and international financial community to PdVSA" and to the Venezuelan government's nationalization policy, the oil firm said in a press release.

President Hugo Chavez last year took controlling stakes in four heavy crude ventures in the Orinoco basin and offered foreign companies minority stakes.

PdVSA faces legal challenges and compensation talks with ExxonMobil Corp. and ConocoPhillips, the two companies who rejected the new contractual terms.

NEW YORK, March 20, 2008 (Dow Jones Newswires)

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